Gross domestic product (GDP) is a key measure of the national economy. a) Define GDP and describe three ways of calculating the size of GDP in an economy

GDP is composed of a number of categories. What category makes up the largest portion of GDP? What category makes up the smallest portion of GDP? What is “Gross private domestic investment”? What does gross private domestic investment measure? What is “Net exports of goods and services”? Why should net export be negative?

Which spending category of GDP does each of the following transactions count in? Please enter the letter C, I, G, NX, or N to represent consumption, investment, government spending, net exports, or none. The government paid a total of $30,000 in subsidies to people who had installed solar panels on their homes  . Bill spent his $400 social security check on rent and food  . Company X produces $5,000 of wine this year but they do not sell it  . Your parents pay $8,000 for tuition to UCF  . The government pays $1 million to people it hires to collect census data

Determine if the following would be included (I) or excluded (E) from the calculation of GDP. (d)  An increase in business inventories _______ (e)  The income of a tax accountant working for a business _______ (f)  Income received from interest on a corporate bond ________ (g)  Business expenditures on pollution control equipment ______ (h)  Dr. Jung grows tomatoes in his backyard for home consumption _______

The table below shows the values for several different components of GDP. Composition of Gross Domestic Product Component LA Consumer durables Consumer nondurables Services Business fixed investment Residential fixed investment Inventories Exports Imports Government purchases What is the value of total gross investment? Instructions: Round your answer to 1 decimal place. Value (billions of dollars) $1,292.7 2,615.4 8,038.8 2,805.0 558.5 80.4 billion 2,320.5 2,863.1 3,093.6