Due Sunday 04.17.16 at 1145 PM Attempts: Average: /2 4. Calculating GDP using na

Question

Due Sunday 04.17.16 at 1145 PM Attempts: Average: /2 4. Calculating GDP using national income account data The follo wing table shows data on consumption, investment, exports, imports, and government expenditures for the United States in 200, as publish ed by the Bureau of Economic Analysis. All figures are in billions of dollars. in the missing cells in the following table to calculate GDP. Components Personal consumption expenditures (C) Gross private domestic investment (1) Exports (EX) Imports (IM) Net exports of goods and services (NX) Government consumption expenditures and gross investment (G) Gross domestic product (GDP) $9,224.50 $2,209.20 $1,467.60 $2,229.60 $2,523.00 ,iscalled the This method of calculating GDP, which involves summing the approach.

Explanation / Answer

Exports minus imports gives the net exports = 2229.60 - 1467.60 = $762

sum of incomes is 13956.70. This is income approach

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