Components of GDP in Category 2013 (billions of dollars) Consumer spending Durab

Question

Components of GDP in Category 2013 (billions of dollars) Consumer spending Durable goods Nondurable goods Services Private investment spending Fixed investment spending $1,263.0 2,622.9 7,615.7 2,564.0 2,047.1 456.4 Nonresidential Structures Equipment and intellectual 1,590.7 516.9 106.1 property products Residential Change in private inventories Net exports Exports Imports 2,259.9 2,757.2 Government purchases of goods and services and investment spending Federal 1,245.9 770.7 475.1 1,879.6 National defense Nondefense State and local a. Calculate 2013 consumer spending. b. Calculate 2013 private investment spending. c. Calculate 2013 net exports. d. Calculate 2013 government purchases of goods and services and government investment spending Calculate 2013 gross domestic product. Calculate 2013 consumer spending on services as a percentage of total consumer spending. e. f. g Calculate 2013 exports as a percentage of imports.

Explanation / Answer

a) Comsumer spending = 1263.0 + 2622.9 + 7615.7 = $11,501.6

b) Private investment spending = 2564.0 + 106.1 = $2,670.1.

c) Net exports = 2259.9 – 2757.2 = – $497.3.

d) Government purchases of goods and services and investment spending = 1245.9 + 1879.6 = $3,125.5.

e) Gross domestic product = C + I + G + NX = 11,501.6 + 2,670.1 + 3,125.5 – 497.3 = $16,799.9.

f) Consumer spending on services as a percentage of total consumer spending

                                                                        = ($7,615.7 / $11,501.6) * 100 = 66.21%

g) Exports as a percentage of imports = ($2,259.9 / $2,757.2) * 100 = 81.96%.

h) Government purchases on national defense as a percentage of federal government purchases of goods and services = ($770.7 / $1,245.9) * 100 = 61.86%.

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