The following table show data on consumption, investments, exports, imports, and government expenditures 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 table to calculate GDP using the expenditure approach.
|Data (Billions of dollars)|
|Net Exports of Goods and Services||___________|
|Government Purchases (G)||2,689.8|
|Gross Domestic Product (GDP)||___________|
Gross Domestic Product:
Gross Domestic Product relates to the value of goods and services that are manufactured within a nation during a particular period, which is the entire value associated with all that is produced within the nation.
Answer and Explanation:
i) Net export of goods and services = Export - Import
= 1643 - 2351
= - 708
ii) Gross Domestic Product = C + I + G + NX
= 9734.2 + 2,215.4 + 2689.8 - 708
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from Economics 102: MacroeconomicsChapter 4 / Lesson 3