+ Given below is the values of an ABC economy for the year 2020. COMPONENTS OF GDP Personal consumption expenditures (C) 10,100 Gross private domestic investment (1) 1,600 Government consumption and gross investment (G) Net exports (EX– IM) 300 Durable goods 1,000 Nondurable goods Services 6,800 Nonresidential 1,300 Residential
+ Given below is the values of an ABC economy for the year 2020. COMPONENTS OF GDP Personal consumption expenditures (C) 10,100 Gross private domestic investment (1) 1,600 Government consumption and gross investment (G) Net exports (EX– IM) 300 Durable goods 1,000 Nondurable goods Services 6,800 Nonresidential 1,300 Residential
Chapter9: Aggregate Expenditures
Section: Chapter Questions
Problem 7E
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Transcribed Image Text:+ Given below is the values of an ABC economy for the year 2020.
COMPONENTS OF GDP
Personal consumption expenditures (C)
10,100
Gross private domestic investment (1)
1,600
Government consumption and gross investment (G)
Net exports (EX – IM)
?
300
Durable goods
1,000
Nondurable goods
?
Services
6,800
Nonresidential
1,300
Residential
?
Change in business inventories
-100
Federal
1,100
State and local
1,700
Exports (EX)
1,900
Imports (IM)
?
Gross domestic product
1. You are required to calculate GDP for the year 2020 for ABC economy using the expenditure method.
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