The following table shows data on consumption, Investments, exports, imports, and government expenditures for the United States in 2016, aspublished by the Bureau of Economic Analysis. All figures are in billions of dollars.Fill in the missing cells in the table to calculate GDP using the expenditure approach.Data(Billions of dollars)Consumption (C)Investment (I)12,757.93,035.7Exports (X)2,232.4Imports (M)2,733.7Net Exports of Goods and ServicesGovernment Purchases (G)3,276.7Gross Domestic Product (GDP)MacBook ProGrade It NowSave & ContinueContinue without saving

The expenditure approach is one of the methods used to calculate Gross Domestic Product (GDP), which…

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MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

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Chapter5: Gross Domestic Product

Section: Chapter Questions

Problem 9SQ

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Which of the following are included in GDP calculations? a. Cleaning services performed by Molly Maid Corporation b. Lawn-mowing services performed by a neighborhood child c. Drugs sold illegally on a local street comer d. Prescription drugs manufactured in the United States and sold at a local pharmacy e. A rug woven by hand in Turkey f. Air pollution that diminishes the quality of the air you breathe g. Toxic-waste cleanup performed by a local company h. Car parts manufactured in the United States for a car assembled in Mexico i. A purchase of 1,000 shares of IBM stock j. Monthly Social Security payments received by a retiree
The following table shows data on consumption, investments, exports, imports, and government expenditures for the United States in 2017, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the table to calculate GDP using the expenditure approach. Data (Billions of dollars) Consumption (C) 13,321.4 Investment (I) 3,368.0 Exports (X) 2,350.2 Imports (M) 2,928.6 Net Exports of Goods and Services Government Purchases (G) 3,374.4 Gross Domestic Product (GDP)
The following table shows data on consumption, investments, exports, imports, and government expenditures for the United States in 2014, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the table to calculate GDP using the expenditure approach. Data (Billions of dollars) Consumption (C) 11,930.3 Investment (I) 2,851.6 Exports (X) 2,337.0 Imports (M) 2,875.2 Net Exports of Goods and Services Government Purchases (G) 3,175.2 Gross Domestic Product (GDP)
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The following table shows data on personal consumption expenditures, gross private domestic investment, exports, imports, and government consumption expenditures and gross investment for the United States in 2007, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the following table to calculate GDP. Components Personal Consumption Expenditures (CC) $9,734.2 Gross Private Domestic Investment (II) $2,125.4 Exports (XX) $1,643 Imports (MM) $2,351 Net exports of goods and services (X−MX−M) Government Consumption Expenditures and Gross Investment (GG) $2,689.8 Gross domestic product (GDP) This method of calculating GDP, which involves summing the , is called the approach.
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Calculate GDP using: i) income approach ii) expenditure approach
The table below shows hypothetical values of the expenditure components for the United States in 2016. Expenditure Component Amount of Expenditure (billions of dollars) Durable goods $1,269.30 Nondurable goods 2,638.30 Services 7,763.00 Gross investment 2,682.40 Exports 2,302.90 Imports 2,803.60 Federal government 1,250.00 State and local government…
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The following table shows data on personal consumption expenditures, gross private domestic investment, exports, imports, and government purchases of goods and services for the United States in 2009, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the table to calculate GDP by adding together the final demands of consumers, business firms, the government, and foreigners—a method of calculating GDP known as the expenditure approach.
Question 22 Table 2.1 GDP and its components, 2012 Source: Bureau of Economic Analysis. Table 1.1.5, Note:Numbers may not add up to the totals due to rounding. Personal consumption expenditure (C) Consumer durables Nondurable goods Services Investment (1) Fixed investment Inventory investment Residential investment Government purchases (G) Federal State and local Net exports (NX) Exports Minus imports Total = GDP (Y) www.bea.gownational/nipaweb/SelectTable.asp?Selected=Y Billions of Dollars 11,286 1,231 2,595 7,459 2,500 2,018 13 469 3,151 1,275 1,875 -516 2,214 2,730 16,420 Percent of GDP 68.7 7.5 15.8 45.4 15.2 12.3 0.14 2.9 19.2 7.8 11.4 -3.1 13.5 16.6 100.0 Assuming that the GDP breakdown shown in Table 2.1 is typical of a given year in the U.S. we can say that government purchases is the largest main component of GDP consumption of durable goods is twice that of nondurables we spend twice as much on goods consumption as we do on services all of the above none of the above
1

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