Chart:EXHIBIT 2 USA Gross Domestic Product (GDP 2020): Expenditure ApproachRemember! Gross Domestic Product GDP C+1+G+(X-M)% Percentage of Total GDPNational Income AccountPersonal consumption expenditures (C)Durable goodsNondurable goodsServicesGross private domestic investment (1)Fixed investmentChange in business inventoriesFederalState and localGovernment consumption expenditures and grossgovernment investment (G)Net exports of goods and services (X minus MDo NOT forgetExports-Imports (MTotal SC-Total -a) Trueb) FalseTotal $G-$ Amount(Trillions of $)TotalSIX-M-3.042.3914.053.7-0.063.641.502.383.862122.77-0.6510.1-13.25%(X-M)- 3.15 (negative)Total Gross Domestic Product (GDP)--99% (rounded to 100%)In the GDP chart for the 2020 Gross Domestic Product (GDP), Consumers are thelargest group of buyers, at about 67.3%.7.75%14.55%45%20.9%C-67.3, close to 70%)17.7%-0.52%%1-17.18%7.111.3%G-17.58

This concept can be defined as a tool that helps in measuring the total amount of production of…

Answered: In the GDP chart for the 2020 Gross…

In the GDP chart for the 2020 Gross Domestic Product (GDP), Consumers are the largest group of buyers, at about 67.3%. a) True b) False

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Chart:
EXHIBIT 2 USA Gross Domestic Product (GDP 2020): Expenditure Approach
Remember! Gross Domestic Product GDP C+1+G+(X-M)
% Percentage of Total GDP
National Income Account
Personal consumption expenditures (C)
Durable goods
Nondurable goods
Services
Gross private domestic investment (1)
Fixed investment
Change in business inventories
Federal
State and local
Government consumption expenditures and gross
government investment (G)
Net exports of goods and services (X minus M
Do NOT forget
Exports
-Imports (M
Total SC-
Total -
a) True
b) False
Total $G-
$ Amount
(Trillions of $)
TotalSIX-M-
3.04
2.39
14.05
3.7
-0.06
3.64
1.50
2.38
3.86
212
2.77
-0.65
10.1
-13.25
%(X-M)- 3.15 (negative)
Total Gross Domestic Product (GDP)-
-99% (rounded to 100%)
In the GDP chart for the 2020 Gross Domestic Product (GDP), Consumers are the
largest group of buyers, at about 67.3%.
7.75%
14.55%
45%
20.9
%C-67.3, close to 70%)
17.7%
-0.52%
%1-17.18%
7.1
11.3
%G-17.58

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