Problem #2 PLEASE SHOW ALL MATH FOR CREDIT Compensation of employees $194.2 US e
ID: 1168049 • Letter: P
Question
Problem #2
PLEASE SHOW ALL MATH FOR CREDIT
Compensation of employees $194.2
US exports of goods and services 17.8
Consumption of fixed capital (depreciation) 11.8
Government purchases 59.4
Taxes on production and imports 14.4
Gross private domestic investment 63.9
Transfer payments 13.9
US imports of goods and services 16.5
Personal taxes 40.5
Net foreign factor income 2.2
Personal consumption expenditures 219.1
Statistical discrepancy 0
Using the table above, calculate Gross Domestic Product using the expenditures approach.
GDP =
3.Fill in the blanks on this table:
SHOW ALL MATH
Nominal GDP Price level Real GDP
Year (billions) index (billions)
1959 494.2 25.6 1,930.4
1964 648.0 _____ 2,339.4
1967 814.3 30.3 2687.4
1973 1,349.6 41.3 3267.7
1978 2,232.7 _____ 3,702.7
1988 4,900.4 _____ 4,716.5
1991 5,724.8 117.6 4868.0
Explanation / Answer
2.
GDP = Consumption + Investment + Government purchases + Net export
Net export = Export - Import =17.8 - 16.5 = $1.3
Government Purchases = $59.4
Investment = $63.9
Consumption = $219.1
Thus,
GDP = 219.1 + 63.9 + 59.4+ 1.3
GDP =$343.7
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