1. Use the expenditure approach to calculate U.S. GDP in 2015. 2. What was U.S. GDP as...
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1. Use the expenditure approach to calculate U.S. GDP in 2015.
2. What was U.S. GDP as measured by the income approach in 2015? What was net domestic product at factor cost in 2015?
3. Calculate U.S. GNP and U.S. national income in 2015.
4. Table 2 shows some data for an economy. If the base year is 2015, calculate the economy’s nominal GDP and real GDP in 2016.
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1 GDP was 178 trillion The expenditure approach sums the expenditure on final goods and s...View the full answer
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