2 The table below details the composition of an economy's GDP by spending category.CategoryExpenditures (billions of dollars)Fixed business investment$2,950.00Durable goods$2,450.00Exports$600.00Federal government purchases$1,550.00New home construction$1,100.00$720.00ImportsChange in inventories$-200.00Nondurable goods$4,300,00Services$8,150.00State and focal government purchases$2,350.00Use the information in the table to calculate the following:a) Consumption: $billionb) Investment: $billionc) Government: $billiond) Net exports: $billione) GDP: $billion

Consumption includes spending on durable, nondurable and services. Construction of new home is a…

The table below details the composition of an economy's GDP by spending category. Category Expenditures (billions of dollars) Fixed business investment $2,950.00 Durable goods $2,450.00 Exports $600.00 Federal governiment purchases $1,550.00 New home construction $1,100.00 Imports $720.00 Change in inventories $-200.00 Nondurable goods $4,300,00 Services $8,150.00 State and local government purchases $2.350.00 Use the information in the table to calculate the following: a) Consumption: $ billion b) Investment: $ billion c) Government: $ billion d) Net exports: $ billion e) GDP: $ billion

The table below details the composition of an economy's GDP by spending category. Category Expenditures (billions of dollars) Fixed business investment $2,950.00 Durable goods $2,450.00 Exports $600.00 Federal governiment purchases $1,550.00 New home construction $1,100.00 Imports $720.00 Change in inventories $-200.00 Nondurable goods $4,300,00 Services $8,150.00 State and local government purchases $2.350.00 Use the information in the table to calculate the following: a) Consumption: $ billion b) Investment: $ billion c) Government: $ billion d) Net exports: $ billion e) GDP: $ billion

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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