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Item 2. Using the expenditure approach, calculate GDP using the following data (please do not just put a total but show what was added). Total Consumption Consumption of Durable Goods Consumption of Non Durable Goods Consumption of Services Total Investment Fixed Investment Government purchases of Goods & Services Government Transfer Payments Exports Imports GDP Equals Amount in dollars (billions) 9,000 1,600 2,800 3,200 4,500 1,000 5,300 450 700 9,600

Item 2. Using the expenditure approach, calculate GDP using the following data (please do not just put a total but show what was added). Total Consumption Consumption of Durable Goods Consumption of Non Durable Goods Consumption of Services Total Investment Fixed Investment Government purchases of Goods & Services Government Transfer Payments Exports Imports GDP Equals Amount in dollars (billions) 9,000 1,600 2,800 3,200 4,500 1,000 5,300 450 700 9,600

ECON MACRO
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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Item 2. Using the expenditure approach, calculate GDP using the following data (please do not just put a total but show what was added). Total Consumption Consumption of Durable Goods Consumption of Non Durable Goods Consumption of Services Total Investment Fixed Investment Government purchases of Goods & Services Government Transfer Payments Exports Imports GDP Equals Amount in dollars (billions) 9,000 1,600 2,800 3,200 4,500 1,000 5,300 450 700 9,600 3. Explain how GDP is calculated using the income approach. 4. What is the underground economy? How does it affect GDP calculations? Provide three examples of underground economy transactions.
Transcribed Image Text:Item 2. Using the expenditure approach, calculate GDP using the following data (please do not just put a total but show what was added). Total Consumption Consumption of Durable Goods Consumption of Non Durable Goods Consumption of Services Total Investment Fixed Investment Government purchases of Goods & Services Government Transfer Payments Exports Imports GDP Equals Amount in dollars (billions) 9,000 1,600 2,800 3,200 4,500 1,000 5,300 450 700 9,600 3. Explain how GDP is calculated using the income approach. 4. What is the underground economy? How does it affect GDP calculations? Provide three examples of underground economy transactions.
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