2 The table below shows hypothetical values of the expenditure components for the United States in 2016.Expenditures in the United StatesExpenditure ComponentDurable goodsNondurable goodsServicesGross InvestmentExportsImportsFederal governmentState and local governmentAmount ofExpenditure(billions ofdollars)$1,411.02,719.42,214.6Using the values in the table, calculate the following aggregate expenditures and nominal GDP.Instructions: Round your answers to one decimal place. If you are entering a negative number, include a minus sign.a. Calculate consumption expenditures in 2016.billionb. Calculate the amount of net exports in 2016.billionc. Calculate nominal GDP in 2016.billion

The aggregate expenditure is characterized as the value of the finished goods in general and…

The table below shows hypothetical values of the expenditure components for the United States in 2016. Expenditures in the United States Expenditure Component Durable goods Nondurable goods Services Gross Investment Exports Imports Federal government State and local government Amount of Expenditure (billions of dollars) 3,957-2 2,214.6 1,231.5 Using the values in the table, calculate the following aggregate expenditures and nominal GDP. Instructions: Round your answers to one decimal place. If you are entering a negative number, include a minus sign. a. Calculate consumption expenditures in 2016.

The table below shows hypothetical values of the expenditure components for the United States in 2016. Expenditures in the United States Expenditure Component Durable goods Nondurable goods Services Gross Investment Exports Imports Federal government State and local government Amount of Expenditure (billions of dollars) 3,957-2 2,214.6 1,231.5 Using the values in the table, calculate the following aggregate expenditures and nominal GDP. Instructions: Round your answers to one decimal place. If you are entering a negative number, include a minus sign. a. Calculate consumption expenditures in 2016.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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