The table below shows hypothetical values of the expenditure components for the United States in 2016.Expenditures in the United StatesDurable goodsNondurable goodsServicesGross investmentExportsImportsFederal governmentState and local government$Expenditure ComponentUsing the values in the table, calculate the following aggregate expenditures and nominal GDP.Instructions: Round your answers to one decimal place. If you are entering a negative number, include a minus sign.a. Calculate consumption expenditures in 2016.billionb. Calculate the amount of net exports in 2016.$GAbillionc. Calculate nominal GDP in 2016.Amount ofExpenditure(billions ofdollars)$1,352.52,789.28,304.52,824.72,473.32,940.71,326.72,070.4billion

Consumption expenditure is a expenditure incurred by the resident of the country or household on…

he table below shows hypothetical values of the expenditure components for the United States in 2016. Expenditures in the United States Expenditure Component Amount of Expenditure (billions of dollars) $1,352.5 2,789.2 8,304.5 2,824.7 2,473.3 2,940.7 1,326.7 2,070.4 Durable goods Nondurable goods Services Gross investment Exports Imports Federal government State and local government Using the values in the table, calculate the following aggregate expenditures and nominal GDP.

he table below shows hypothetical values of the expenditure components for the United States in 2016. Expenditures in the United States Expenditure Component Amount of Expenditure (billions of dollars) $1,352.5 2,789.2 8,304.5 2,824.7 2,473.3 2,940.7 1,326.7 2,070.4 Durable goods Nondurable goods Services Gross investment Exports Imports Federal government State and local government Using the values in the table, calculate the following aggregate expenditures and nominal GDP.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter19: Measuring Economic Performance

Section: Chapter Questions

Problem 3P

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