The table below shows hypothetical values of the expenditure components for the United States in 2016.Expenditures in the United StatesDurable goodsNondurable goodsServicesGross investmentExportsImportsFederal governmentState and local government$Expenditure ComponentUsing the values in the table, calculate the following aggregate expenditures and nominal GDP.Instructions: Round your answers to one decimal place. If you are entering a negative number, include a minus sign.a. Calculate consumption expenditures in 2016.billionb. Calculate the amount of net exports in 2016.$GAbillionc. Calculate nominal GDP in 2016.Amount ofExpenditure(billions ofdollars)$1,352.52,789.28,304.52,824.72,473.32,940.71,326.72,070.4billion

Consumption expenditure is a expenditure incurred by the resident of the country or household on…

he table below shows hypothetical values of the expenditure components for the United States in 2016. Expenditures in the United States Expenditure Component Amount of Expenditure (billions of dollars) $1,352.5 2,789.2 8,304.5 2,824.7 2,473.3 2,940.7 1,326.7 2,070.4 Durable goods Nondurable goods Services Gross investment Exports Imports Federal government State and local government Using the values in the table, calculate the following aggregate expenditures and nominal GDP.

he table below shows hypothetical values of the expenditure components for the United States in 2016. Expenditures in the United States Expenditure Component Amount of Expenditure (billions of dollars) $1,352.5 2,789.2 8,304.5 2,824.7 2,473.3 2,940.7 1,326.7 2,070.4 Durable goods Nondurable goods Services Gross investment Exports Imports Federal government State and local government Using the values in the table, calculate the following aggregate expenditures and nominal GDP.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Using the relevant information below: Gross Domestic Product (GDP) gross domestic product = consumption + investment + government purchases + net exports GDP = C + I + G + (X − M), calculate GDP using the expenditure approach. Inventory investment $50 billion Fixed investment $120 billion Consumer durables $420 billion Consumer nondurables $275 billion Interest $140 billion Indirect business taxes $45 billion Government wages and salaries $300 billion Government purchases of goods and services $110 billion Imports $80 billion Exports $40 billion Profits $320 billion Services $600 billion
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The following table shows the U.S. gross domestic product (GDP) G, in trillions of dollars, as a function of the year t. t = Year 2004 2010 2014 G = GDP(trillions of dollars) 11.87 14.66 17.42 (a) Explain in practical terms what G(2010) means. The expression G(2010) is the year when the U.S. gross domestic product had a value of 11.87 trillion dollars.The expression G(2010) is the gross domestic product in trillions of dollars, multiplied by 2010. The expression G(2010) is the average of G(2004) and G(2010).The expression G(2010) is the U.S. gross domestic product in trillions of dollars in the year 2010. Find G(2010).$ trillion(b) Use functional notation to express the gross domestic product in 2012, and estimate that value. (Round the estimated value to two decimal places.) G = $ trillion(c) What is the average yearly rate of change in G from 2010 to 2014? (Round your answer to two decimal places.)$ trillion(d) Use your answer from part (c) to…
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Below is a hypothetical table such as would be generated by the Bureau of Labor Statistics when reporting historical and forecasted levels of gross domestic product for the United States. Use the answer table to fill in the blank for the missing estimates. Make sure you show your work. 1. 1998 Gross Domestic Product Answer (Remember to show work) 2 . 2028 Personal Consumption Expenditures Answer (remember to show your work) 3. 2008 Gross Private Domestic Investment answer (remember to show work) 4. 2018 Exports Answer (remember to show work)
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Can you use the list below to compute GDP using the Expenditures approach? Personal Consumption expenditures $600 Transfer payments $15 Consumption of fixed capital $20 Interest $11 Exports $15 Government purchases $85 Compensation of employees $225 Imports $18 Net private domestic investment $65
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