Item 2. Using the expenditure approach, calculate GDP using the following data (please do not just put a total but show what was added). Total Consumption Consumption of Durable Goods Consumption of Non Durable Goods Consumption of Services Total Investment Fixed Investment Government purchases of Goods & Services Government Transfer Payments Exports Imports GDP Equals Amount in dollars (billions) 9,000 1,600 2,800 3,200 4,500 1,000 5,300 450 700 9,600

Item 2. Using the expenditure approach, calculate GDP using the following data (please do not just put a total but show what was added). Total Consumption Consumption of Durable Goods Consumption of Non Durable Goods Consumption of Services Total Investment Fixed Investment Government purchases of Goods & Services Government Transfer Payments Exports Imports GDP Equals Amount in dollars (billions) 9,000 1,600 2,800 3,200 4,500 1,000 5,300 450 700 9,600

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

I am having a bit of difficulty with this practice question could someone help me, please.

Item
2. Using the expenditure approach, calculate GDP using the following data (please do not just put a total but show what was added).
Total Consumption
Consumption of Durable Goods
Consumption of Non Durable Goods
Consumption of Services
Total Investment
Fixed Investment
Government purchases of Goods &
Services
Government Transfer Payments
Exports
Imports
GDP Equals
Amount in dollars
(billions)
9,000
1,600
2,800
3,200
4,500
1,000
5,300
450
700
9,600
3. Explain how GDP is calculated using the income approach.
4. What is the underground economy? How does it affect GDP calculations? Provide three examples of underground economy transactions.

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