Use the following data to work Problems 16 and 17. The table lists some macroeconomic data for the United States in 2009. Item Billions of dollars Wages paid to labor 8,000 Consumption expenditure 10,000 Net operating surplus 3,400 Investment 1,500 Government expenditure 2,900 Net exports -340 Q no 16 Calculate U.S. GDP in 2009 Q no: 17 Explain the approach (expenditure or income) that you used to calculate GDP.

Use the following data to work Problems 16 and 17. The table lists some macroeconomic data for the United States in 2009. Item Billions of dollars Wages paid to labor 8,000 Consumption expenditure 10,000 Net operating surplus 3,400 Investment 1,500 Government expenditure 2,900 Net exports -340 Q no 16 Calculate U.S. GDP in 2009 Q no: 17 Explain the approach (expenditure or income) that you used to calculate GDP.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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