Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Q6. Write down the components of GDP using spending approach and using the notation we have been introduced. Q7. What is the amount of real

Q6. Write down the components of GDP using spending approach and using the notation we have been introduced.

Q7. What is the amount of real consumption spending (personal consumption expenditures in billions of chained 2012 dollars) in 2021?

Q8. What is the percentage share of real personal consumption expenditures in real GDP?

Q9. What is the amount of real investment spending (gross private domestic investment in billions of chained 2012 dollars) in 2021?

I need help with Q6 - Q9. To help me with those questions, you would need to use the form information. I would add the picture below. Thank you.

image text in transcribed

\begin{tabular}{|r|c|r|r|} \hline \multicolumn{1}{|c|}{ Line } & & 2020 & 2021 \\ \hline Line & Gross domestic product & & \\ \hline 1 & Personal consumption expenditures & 18,509.1 & 19,609.8 \\ \hline 3 & Goods & 12,700.7 & 13,754.1 \\ \hline 4 & Durable goods & 4,955.7 & 5,561.9 \\ \hline 5 & Nondurable goods & 1,914.2 & 2,268.8 \\ \hline 6 & Services & 3,066.7 & 3,336.2 \\ \hline 7 & Gross private domestic investment & 7,863.0 & 8,361.1 \\ \hline 8 & Fixed investment & 3,306.5 & 3,603.0 \\ \hline 9 & Nonresidential & 3,326.8 & 3,574.6 \\ \hline 10 & Structures & 2,666.0 & 2,835.4 \\ \hline 11 & Equipment & 510.4 & 477.5 \\ \hline 12 & Intellectual property products & 1,107.3 & 1,221.8 \\ \hline 13 & Residential & 1,051.2 & 1,153.0 \\ \hline 14 & Change in private inventories & 649.8 & 719.4 \\ \hline 15 & Net exports of goods and services & 54.6 & 19.4 \\ \hline 16 & Exports & 922.6 & 1,233.4 \\ \hline 17 & Goods & 2,231.7 & 2,366.8 \\ \hline 18 & Services & 1,609.7 & 1,728.9 \\ \hline 19 & Imports & 635.8 & 656.9 \\ \hline 20 & Goods & 3,154.3 & 3,600.2 \\ \hline 21 & Services & 2,744.6 & 3,143.0 \\ \hline 22 & Government consumption expenditures and gross investment & 431.3 & 484.2 \\ \hline 23 & Federal & 3,406.7 & 3,426.3 \\ \hline 24 & National defense & 1,358.9 & 1,390.5 \\ \hline 25 & Nondefense & 801.1 & 791.3 \\ \hline 26 & State and local & 556.6 & 597.0 \\ \hline 27 & Residual & 2,048.5 & 2,037.9 \\ \hline \end{tabular} \begin{tabular}{|r|c|r|r|} \hline \multicolumn{1}{|c|}{ Line } & & 2020 & 2021 \\ \hline Line & Gross domestic product & & \\ \hline 1 & Personal consumption expenditures & 18,509.1 & 19,609.8 \\ \hline 3 & Goods & 12,700.7 & 13,754.1 \\ \hline 4 & Durable goods & 4,955.7 & 5,561.9 \\ \hline 5 & Nondurable goods & 1,914.2 & 2,268.8 \\ \hline 6 & Services & 3,066.7 & 3,336.2 \\ \hline 7 & Gross private domestic investment & 7,863.0 & 8,361.1 \\ \hline 8 & Fixed investment & 3,306.5 & 3,603.0 \\ \hline 9 & Nonresidential & 3,326.8 & 3,574.6 \\ \hline 10 & Structures & 2,666.0 & 2,835.4 \\ \hline 11 & Equipment & 510.4 & 477.5 \\ \hline 12 & Intellectual property products & 1,107.3 & 1,221.8 \\ \hline 13 & Residential & 1,051.2 & 1,153.0 \\ \hline 14 & Change in private inventories & 649.8 & 719.4 \\ \hline 15 & Net exports of goods and services & 54.6 & 19.4 \\ \hline 16 & Exports & 922.6 & 1,233.4 \\ \hline 17 & Goods & 2,231.7 & 2,366.8 \\ \hline 18 & Services & 1,609.7 & 1,728.9 \\ \hline 19 & Imports & 635.8 & 656.9 \\ \hline 20 & Goods & 3,154.3 & 3,600.2 \\ \hline 21 & Services & 2,744.6 & 3,143.0 \\ \hline 22 & Government consumption expenditures and gross investment & 431.3 & 484.2 \\ \hline 23 & Federal & 3,406.7 & 3,426.3 \\ \hline 24 & National defense & 1,358.9 & 1,390.5 \\ \hline 25 & Nondefense & 801.1 & 791.3 \\ \hline 26 & State and local & 556.6 & 597.0 \\ \hline 27 & Residual & 2,048.5 & 2,037.9 \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Why We Form Relationships Managing Relationship Dynamics?

Answered: 1 week ago