Consider the following hypothetical data for the U.S. economy in 2020 (all amounts are in trillions of
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Consumption ...................................... 11.0
Indirect business taxes ............................... 8
Depreciation .......................................... 1.3
Government spending ...............................3.8
Imports ................................................ 2.7
Gross private domestic investment .................4.0
Exports ..................................................2.5
a. Based on the data, what is GDP? NDP? NI?
b. Suppose that in 2021, exports fall to $2.3 trillion, imports rise to $2.85 trillion, and gross private domestic investment falls to $3.25 trillion. What will GDP be in 2019, assuming that other values do not change between 2020 and 2021?
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a GDP 186 trillion ...View the full answer
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