Gross Domestic ProductUse the data chart to answer the questions below.Consumption$500Government Expenditures$200GNP$800Gross Private Domestic Investment$100Imports$100Exports$50Questions:Using the data above, GDP is equal to __________________.Using the data above, Net Exports is equal to _____________.Using the data above, PCE (Personal Consumption Expenditure) is equal to _____________.If the dollar amounts of the items above are the nominal amounts in year 2017, and the quantities of units are identical in years 2010 and 2017, but prices in 2010 were 20% less than 2017, Real GDP in 2017 using 2010 as the base year is equal to _______________.

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Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 5CQQ

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Gross Domestic Product

Use the data chart to answer the questions below.

Consumption	$500
Government Expenditures	$200
GNP	$800
Gross Private Domestic Investment	$100
Imports	$100
Exports	$50

Questions:

Using the data above, GDP is equal to __________________.
Using the data above, Net Exports is equal to _____________.
Using the data above, PCE (Personal Consumption Expenditure) is equal to _____________.
If the dollar amounts of the items above are the nominal amounts in year 2017, and the quantities of units are identical in years 2010 and 2017, but prices in 2010 were 20% less than 2017, Real GDP in 2017 using 2010 as the base year is equal to _______________.

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