Question
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.
\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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started