5. Measuring GDP Aa Aa The following table shows data on consumption, investment

Question

5. Measuring GDP Aa Aa The following table shows data on consumption, investment, exports, imports, and government expenditures for the United States in 2003, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the table to calculate GDP using the expenditure approach Note: Type in the results without rounding off numbers. Personal consumption expenditures (C) Gross private domestic investment (I) Exports (X) Imports (M) Net exports of goods and services Government consumption expenditures and gross investment (G) Gross domestic product (GDP) $7,703.6 1,664.1 1,040.8 1,540.2 2,092.5

Explanation / Answer

5.

Net export = export - import

=1040.8-1540.2

= -$499.4

GDP by expenditure method = C+I+G+NX

=7703.6+1664.1+2092.5 +(-499.4)

=$10,960.8

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