The following table shows data on consumption, investments, exports, imports, an

Question

The following table shows data on consumption, investments, exports, imports, and government expenditures for the United States in 2011, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. ill in the missing cells in the table to calculate GDP using the expenditure approach. Data Consumption (C) Investment (I) Exports (x) Imports (M) Net Exports of Goods and Services Government Purchases (G) Gross Domestic Product (GDP) 10,279.0 1,854.9 2,094.2 2,662.3 3,059.8

Explanation / Answer

Net exports of goods and services = [Exports(X) - Imports(M)]

= (2094.2 - 2662.3) = -568.1 billions of dollars [ Answer is in negative because the imports are greater than exports]

GDP = C + I + G + (X - M)

= 10,279.0 + 1854.9 + 3039.8 + (2094.2 - 2662.3) = 14625.6 billions of dollars

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