Find nominal GDP for the US in 2002 (dollar figures are in billions). Show your

Question

Find nominal GDP for the US in 2002 (dollar figures are in billions). Show your work!

consumption          $7304                          gross private investment $1593

wages                    $5977                          government purchases             $1973

indirect taxes         $ 695                           net interest                              $ 684

net exports            $-424                           depreciation $1393

rent                        $ 142                           profit $1545

net foreign factor income earned in the US $    10

Explanation / Answer

Expenditure approach

personal consumption expenditure+gross private domestic investment+govt. purchases+net exports

=7304+1593+1973-424

=10,446

Income approach

=5977+695+684+1393+142+1545+10

=10,446

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