1. Based on this table, the Gross Domestic Product is $_______ billion. NATIONAL INCOME DATA (in current prices)1992 IIIPersonal consumption expendituresGross private domestic investmentGovernment purchases of goods and servicesExportsImportsCapital consumption allowance (depreciation)Source: Survey of Current Business, Vol. 72, Number 10, (October 1992), p. 8, 10(in billionsof dollars)4,105.0776.91,122.5626.8664.2697.3

Gross domestic product is the final combination of goods and services in a country. GDP is an…

NATIONAL INCOME DATA (in current prices) 1992 III Personal consumption expenditures Gross private domestic investment Government purchases of goods and services (in billions of dollars) 4,105.0 776.9 1,122.5 626.8 664.2 697.3 Exports Imports Capital consumption allowance (depreciation) Source: Survey of Current Business, Vol. 72, Number 10, (October 1992), p. 8, 10

NATIONAL INCOME DATA (in current prices) 1992 III Personal consumption expenditures Gross private domestic investment Government purchases of goods and services (in billions of dollars) 4,105.0 776.9 1,122.5 626.8 664.2 697.3 Exports Imports Capital consumption allowance (depreciation) Source: Survey of Current Business, Vol. 72, Number 10, (October 1992), p. 8, 10

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Tracking The U.s. Economy

Section: Chapter Questions

Problem 1.2P

See similar textbooks

Similar questions

What are the main components of measuring GDP with what is produced?
Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
The United States exports 14 of GDP while Germany exports about 50 of its GDP. Explain stat that means.
Why do you suppose that U.S. GDP is so much higher today than 50 or 100 years ago?
What is potential GDP?
What does GDP not tell us about the economy?
Country A has export sales of 20 billion, government purchases of 1,000 billion, business investment is 50 billion, imports are 40 billion, and consumption spending is 2,000 billion. What is the dollar value of GDP?
What are the two main difficulties that arise in comparing different comparing GDP?
Why is the GDP deflator not an accurate measure of inflation as it impacts a household?
Why do you think that GDP does not grow at a steady rate, but rather speeds up and slows down?