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The table below shows hypothetical values of the expenditure components for the United States in 2015. Expenditures in the United States Amount of Expenditure (billions
The table below shows hypothetical values of the expenditure components for the United States in 2015. Expenditures in the United States Amount of Expenditure (billions of Expenditure Component dollars) Durable goods $1, 311.2 Nondurable goods 2, 771.6 Services 8, 122.7 Nonresidential fixed investment 2, 130.9 Residential fixed investment 486.5 Change in private inventories 70.1 Exports 2, 442. 1 Imports 2,967.5 Federal government 1, 412.1 State and local government 2, 065.4 Using the values in the table, calculate the following aggregate expenditures and nominal GDP. Instructions: Round your answers to one decimal place. a. What is the value of consumption expenditures in 2015? $ billion b. What is the value of government expenditures in 2015? $ billion c. What is the value of gross investment in 2015? $ billion d. What is the value of nominal GDP in 2015? $ billion
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