$3 trillion$6 trillion$8.5 trillion$11.5 trillion Using the Graph below, in 1998, what was the approximate GDP of the United States?U.S. Economic Data: 1998$5,808$6,000$5,500$5,000$4,500$4,000$3,500$3,000$2,500$2,000$1,367$1,487$1,500$1,000$500-$151-$500NetGovernment Investment ConsumptionExports Expenditures Expenditures ExpendituresStatistical Abstract of the United States: 1999,Bureau of Economic Analysis(in billions of U.S. dollars)

In an economy, nominal GDP based on expenditure method is the sum of the total spending made by…

Answered: Using the Graph below, in 1998, what…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Using the Graph below, in 1998, what was the approximate GDP of the United States? U.S. Economic Data: 1998 $5,808 $6,000 $5,500 $5,000 $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,367 $1,487 $1,500 billions of U.S. dollars)