The components that comprise a nations gross domestic product were identified and discussed in the chapter. Assume the following accounts and amounts were reported by a nation last year. Government purchases of goods and services were $5.5 billion; personal consumption expenditures were $40.5 billion; gross private domestic investment amounted to $20 billion; capital consumption allowances were $4 billion; personal savings were estimated at $2 billion; imports of goods and services amounted to $6.5 billion; and the exports of goods and services were $5 billion.

a. Determine the nations gross domestic product. b. How would your answer change if the dollar amounts of imports and exports are reversed?

GDP Components*			Part A (in billions)	Part B (in billions)
T			F	F
T			F	F
T			F	F
T			C	C
Gross domestic product (GDP)			C	C