Chart:EXHIBIT 2 USA Gross Domestic Product (GDP 2020): Expenditure ApproachRemember! Gross Domestic Product GDP C+1+G+(X-M)% Percentage of Total GDPNational Income AccountPersonal consumption expenditures (C)Durable goodsNondurable goodsServicesGross private domestic investment (1)Fixed investmentChange in business inventoriesFederalState and localGovernment consumption expenditures and grossgovernment investment (G)Net exports of goods and services (X minus MDo NOT forgetExports-Imports (MTotal SC-Total -a) Trueb) FalseTotal $G-$ Amount(Trillions of $)TotalSIX-M-3.042.3914.053.7-0.063.641.502.383.862122.77-0.6510.1-13.25%(X-M)- 3.15 (negative)Total Gross Domestic Product (GDP)--99% (rounded to 100%)In the GDP chart for the 2020 Gross Domestic Product (GDP), Consumers are thelargest group of buyers, at about 67.3%.7.75%14.55%45%20.9%C-67.3, close to 70%)17.7%-0.52%%1-17.18%7.111.3%G-17.58

This concept can be defined as a tool that helps in measuring the total amount of production of…

Answered: In the GDP chart for the 2020 Gross…

In the GDP chart for the 2020 Gross Domestic Product (GDP), Consumers are the largest group of buyers, at about 67.3%. a) True b) False

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Tracking The U.s. Economy

Section: Chapter Questions

Problem 1.2P

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Question

Chart:
EXHIBIT 2 USA Gross Domestic Product (GDP 2020): Expenditure Approach
Remember! Gross Domestic Product GDP C+1+G+(X-M)
% Percentage of Total GDP
National Income Account
Personal consumption expenditures (C)
Durable goods
Nondurable goods
Services
Gross private domestic investment (1)
Fixed investment
Change in business inventories
Federal
State and local
Government consumption expenditures and gross
government investment (G)
Net exports of goods and services (X minus M
Do NOT forget
Exports
-Imports (M
Total SC-
Total -
a) True
b) False
Total $G-
$ Amount
(Trillions of $)
TotalSIX-M-
3.04
2.39
14.05
3.7
-0.06
3.64
1.50
2.38
3.86
212
2.77
-0.65
10.1
-13.25
%(X-M)- 3.15 (negative)
Total Gross Domestic Product (GDP)-
-99% (rounded to 100%)
In the GDP chart for the 2020 Gross Domestic Product (GDP), Consumers are the
largest group of buyers, at about 67.3%.
7.75%
14.55%
45%
20.9
%C-67.3, close to 70%)
17.7%
-0.52%
%1-17.18%
7.1
11.3
%G-17.58

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