National income and product data are generally revised. What effects would the f

Question

National income and product data are generally revised. What effects would the following revisions have on consumption, investment, government purchases, net exports, and GDP? It is discovered that consumers bought $6 billion more furniture than previously thought. This furniture was manufactured in North Carolina. It is discovered that consumers bought $6 billion more furniture than previously thought. This furniture was manufactured in Sweden. It is discovered that businesses bought $6 billion more furniture than previously thought. This furniture was manufactured in North Carolina. It is discovered that businesses bought $6 billion more furniture than previously thought. This furniture was manufactured in Sweden.

Explanation / Answer

National income and product data are generally revised. What effects would the following revisions have on consumption, investment, government purchases, net exports, and GDP?

   a. It is discovered that consumers bought $6 billion more furniture than previously thought. This furniture was manufactured in North Carolina.

   b. It is discovered that consumers bought $6 billion more furniture than previously thought. This furniture was manufactured in Sweden.

c. It is discovered that businesses bought $6 billion more furniture than previously thought. This furniture was manufactured in North Carolina.

   d. It is discovered that businesses bought $6 billion more furniture than previously thought. This furniture was manufactured in Sweden.

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