The nominal GDP of the U.S. in 2019 was approximately $21.4 trillion. This means that The value of output in 2019, in 2019 dollars, was around $21.4 trillion. Total income in 2019 was around $21.4 trillion O Total spending on U.S.-made goods and services in 2019 was around $21.4 trillion. All of the above are true.

ECON MACRO
5th Edition
ISBN:9781337000529
Author:William A. McEachern
Publisher:William A. McEachern
Chapter6: Tracking The U.s. Economy
Section: Chapter Questions
Problem 1.1P
icon
Related questions
Question

H10.

 

The nominal GDP of the U.S. in 2019 was approximately $21.4 trillion. This means that
O The value of output in 2019, in 2019 dollars, was around $21.4 trillion.
Total income in 2019 was around $21.4 trillion
Total spending on U.S.-made goods and services in 2019 was around $21.4 trillion.
All of the above are true.
Transcribed Image Text:The nominal GDP of the U.S. in 2019 was approximately $21.4 trillion. This means that O The value of output in 2019, in 2019 dollars, was around $21.4 trillion. Total income in 2019 was around $21.4 trillion Total spending on U.S.-made goods and services in 2019 was around $21.4 trillion. All of the above are true.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Current Account
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
ECON MACRO
ECON MACRO
Economics
ISBN:
9781337000529
Author:
William A. McEachern
Publisher:
Cengage Learning
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou…
Principles of Economics, 7th Edition (MindTap Cou…
Economics
ISBN:
9781285165875
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning