Gross Domestic Product Worksheet, writing homework help
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Gross Domestic Product Worksheet
1.Use the information in the table below to calculate Net Exports (NX) and gross domestic product (GDP), in billions of dollars.
Consumption Spending. . . . . .. . . . . . . . . .$12,000 billion
Gross Investment Spending . . . . . . . . . . . .$3,100 billion
Government Purchases. . . . . . . . . . . . . . .$3,400 billion
Exports. . . . . . . . . . . . . . . . . . . . . .$2,200 billion
Imports. . . . . . . . . . . . . . . . . . . . . .$2,700 billion
Net Exports =
Are net exports positive or negative? Does this indicate a trade surplus or a trade deficit?
Gross Domestic Product (GDP) =
2.Suppose nominal GDP is equal to $16,000 billion and the GDP Deflator is equal to 125; calculate real GDP, in billions of dollars.
Real GDP =
3.What is the underground economy (give an example)? Do current GDP estimates include activity that takes place in the underground economy?
