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National Data The Bureau of Economic Analysis of the Department of Commerce is the source of data on the National Income and Products Accounts for the United States. you can find the information here www.bea.gov The NIPA tables and national data can be found at: www.bea.gov/data/gdp/gross-don1estlc- product Data is provided from 1929 to the present. Fleal Gross Domestic Product and its Components 1. Use Table 1.1.6 from the NIPA tables to complete the chart on page 2. a. What is the date of the last revision for the data? When is the next revision to be released? b. Calculate each of the categories (consumer spending, investment, net exports, and government purchases) as a percentage of total real GDP. i. Make a chart to display the percentages for each category. ii. Which category accounts for the largest portion of real GDP? 0. Consumer spending i. Calculate 2019 consumer spending on services as a percentage of total consumer spending. ii. Calculate 2019 consumer spending on durable and nondurable goods as a percentage of total consumer spending. iii. Which subcategory of consumer spending accounts for the largest share? d. Calculate 2019 exports as a percentage of imports. i. Is the United States in a trade surplus or trade deficit? e. Calculate 2019 government purchases on national defense as a percentage of federal government purchases of goods and services. 2019 REAL GROSS DOMESTIC PRODUCT (BILLIONS OF CHAINED (2012) DOLLARS) CATEGORY Real GDP Components CONSUMER SPENDING DURABLE GOODS NONDURABLE GOODS SERVICES PRIVATE INVESTMENT FIXED INVESTMENT SPENDING NONRESIDENTIAL STRUCTURES EQUIPMENT AND INTELLECTUAL PROPERTY PRODUCTS RESIDENTIAL CHANGE IN PRIVATE INVENTORIES NET EXPORTS EXPORTS IMPORTS GOVERNMENT PURCHASES OF GOODS AND SERVICES AND INVESTMENT SPENDING FEDERAL NATIONAL DEFENSE NONDEFENSE STATE AND LOCAL