i need help with this macro econmics question 4 **4. Measuring GDP**The following table shows data on consumption, investments, exports, imports, and government expenditures for the United States in 2014, as published by the Bureau of Economic Analysis. All figures are in billions of dollars.---Fill in the missing cells in the table to calculate GDP using the expenditure approach.| Data | (Billions of dollars) ||----------------------------------------|-----------------------|| **Consumption (C)** | 11,930.3 || **Investment (I)** | 2,851.6 || **Exports (X)** | 2,337.0 || **Imports (M)** | 2,875.2 || **Net Exports of Goods and Services** | || **Government Purchases (G)** | 3,175.2 || **Gross Domestic Product (GDP)** | |---**Explanation of Terms:**1. **Consumption (C):** This represents the total value of all goods and services consumed by households.2. **Investment (I):** The total expenditure on capital equipment, inventories, and structures, including household purchases of new housing.3. **Exports (X):** The total value of goods and services produced domestically and sold abroad.4. **Imports (M):** The total value of goods and services produced abroad and purchased domestically.5. **Net Exports of Goods and Services:** Calculated as Exports (X) minus Imports (M), representing the net value of trade.6. **Government Purchases (G):** The total government expenditures on goods and services.7. **Gross Domestic Product (GDP):** The sum of Consumption, Investment, Government Purchases, and Net Exports (Exports minus Imports), representing the total monetary value of all finished goods and services produced within a country's borders in a specific time period.**Note:** To fill in the missing cells:1. **Calculate Net Exports:** Net Exports = Exports (X) - Imports (M) Net Exports = 2,337.0 - 2,875.2 Net Exports = -538.22. **Calculate GDP using the expenditure approach:** GDP = C + I + G + (X - M) GDP = 11,930.3 + 2,851.6

From the expenditure approach, GDP = C+I+G+(X-M)

The folloving table shows data on consumption, investments, exports, imports, and government expenditures for the United States in 2014, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the table to calculate GDP using the expenditure approach. Data (Billions of dollars) Consumption (C) 11,930.3 Investment (1) 2,851.6 Exports (X) 2,337.0 Imports (M) 2,875.2 Net Exports of Goods and Services Government Purchases (G) 3,175.2 Gross Domestic Product (GDP)

The folloving table shows data on consumption, investments, exports, imports, and government expenditures for the United States in 2014, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the table to calculate GDP using the expenditure approach. Data (Billions of dollars) Consumption (C) 11,930.3 Investment (1) 2,851.6 Exports (X) 2,337.0 Imports (M) 2,875.2 Net Exports of Goods and Services Government Purchases (G) 3,175.2 Gross Domestic Product (GDP)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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