Assume the following data (in billions of dollars) for 2020: Personal income taxes Social Security taxes Transfer payments Government spending Consumer spending Imports Exports Private investment $ 800 $ 500 $ 300 $ $1,500 $5,000 $1,200 $ 900 $1,000.

Using the expenditure approach, calculate GDP for 2020. This figure is nominal GDP.

Assume the following data (in billions of dollars) for 2020 : 1. Using the expenditure approach, calculate GDP for 2020. Answer: \$ This figure is nominal GDP