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Question 22 Table 2.1 GDP and its components, 2012 Source: Bureau of Economic Analysis. Table 1.1.5. www.bea.gov/nationaVnipaweb/SelectTable.asp?Selected=Y Note:Numbers may not add up to the totals due to rounding. Billions of Dollars 11,286 Personal consumption expenditure (C) Consumer durables Nondurable goods Services Investment (1) Fixed investment Inventory investment Residential investment Government purchases (G) Federal State and local Net exports (NX) Exports Minus imports Total = GDP (Y) 1,231 2,595 7,459 2,500 2,018 13 469 3,151 1,275 1,875 -516 2,214 2,730 16,420 Percent of GDP 68.7 7.5 15.8 45.4 15.2 12.3 0.14 2.9 19.2 7.8 11.4 <-3.1 13.5 16.6 100.0 Assuming that the GDP breakdown shown in Table 2.1 is typical of a given year in the U.S. we can say that. government purchases is the largest main component of GDP O consumption of durable goods is twice that of nondurables we spend twice as much on goods consumption as we do on services all of the above none of the above

Question 22 Table 2.1 GDP and its components, 2012 Source: Bureau of Economic Analysis. Table 1.1.5. www.bea.gov/nationaVnipaweb/SelectTable.asp?Selected=Y Note:Numbers may not add up to the totals due to rounding. Billions of Dollars 11,286 Personal consumption expenditure (C) Consumer durables Nondurable goods Services Investment (1) Fixed investment Inventory investment Residential investment Government purchases (G) Federal State and local Net exports (NX) Exports Minus imports Total = GDP (Y) 1,231 2,595 7,459 2,500 2,018 13 469 3,151 1,275 1,875 -516 2,214 2,730 16,420 Percent of GDP 68.7 7.5 15.8 45.4 15.2 12.3 0.14 2.9 19.2 7.8 11.4 <-3.1 13.5 16.6 100.0 Assuming that the GDP breakdown shown in Table 2.1 is typical of a given year in the U.S. we can say that. government purchases is the largest main component of GDP O consumption of durable goods is twice that of nondurables we spend twice as much on goods consumption as we do on services all of the above none of the above

Economics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Taking The Nation's Economic Pulse
Section: Chapter Questions
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Question 22 Table 2.1 GDP and its components, 2012 Source: Bureau of Economic Analysis. Table 1.1.5, Note:Numbers may not add up to the totals due to rounding. Personal consumption expenditure (C) Consumer durables Nondurable goods Services Investment (1) Fixed investment Inventory investment Residential investment Government purchases (G) Federal State and local Net exports (NX) Exports Minus imports Total = GDP (Y) www.bea.gownational/nipaweb/SelectTable.asp?Selected=Y Billions of Dollars 11,286 1,231 2,595 7,459 2,500 2,018 13 469 3,151 1,275 1,875 -516 2,214 2,730 16,420 Percent of GDP 68.7 7.5 15.8 45.4 15.2 12.3 0.14 2.9 19.2 7.8 11.4 -3.1 13.5 16.6 100.0 Assuming that the GDP breakdown shown in Table 2.1 is typical of a given year in the U.S. we can say that government purchases is the largest main component of GDP consumption of durable goods is twice that of nondurables we spend twice as much on goods consumption as we do on services all of the above none of the above
Transcribed Image Text:Question 22 Table 2.1 GDP and its components, 2012 Source: Bureau of Economic Analysis. Table 1.1.5, Note:Numbers may not add up to the totals due to rounding. Personal consumption expenditure (C) Consumer durables Nondurable goods Services Investment (1) Fixed investment Inventory investment Residential investment Government purchases (G) Federal State and local Net exports (NX) Exports Minus imports Total = GDP (Y) www.bea.gownational/nipaweb/SelectTable.asp?Selected=Y Billions of Dollars 11,286 1,231 2,595 7,459 2,500 2,018 13 469 3,151 1,275 1,875 -516 2,214 2,730 16,420 Percent of GDP 68.7 7.5 15.8 45.4 15.2 12.3 0.14 2.9 19.2 7.8 11.4 -3.1 13.5 16.6 100.0 Assuming that the GDP breakdown shown in Table 2.1 is typical of a given year in the U.S. we can say that government purchases is the largest main component of GDP consumption of durable goods is twice that of nondurables we spend twice as much on goods consumption as we do on services all of the above none of the above
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