2. From the following figures, calculate GDP using the expenditure approach: Consumption &nbs
2. From the following figures, calculate GDP using the expenditure approach:
Consumption $2,300 billion
Depreciation $250 billion
Retained earnings $100 billion
Gross investment $650 billion
Imports $350 billion
Social Security taxes $250 billion
Exports $200 billion
Indirect business taxes $300 billion
Government purchases $700 billion
Personal income taxes $800 billion
Homework Answers
Solution:-
Calculate GDP using the Expenditure method:-
GDP = Consumption + Gross investment +Government purchases + Exports – Imports
= $2,300 + $650 + $700 + $200 - $350
= $3,500 biIIion
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2. From the following figures, calculate GDP using the
expenditure approach:
Consumption &nbs
4. Computing GDP using the expenditure approach The following table shows data on consumption, investment, exports,...
4. Computing GDP using the expenditure approach The following table shows data on consumption, investment, exports, imports, and government purchases 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 Consumption (C) Investment (I) Exports (EX) Imports (IM) Net exports of goods and services (NX) Government purchases (G) Gross domestic product (GDP) $9,734.20 $2,125.40 $1,643.00 $2,351.00...
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