1) List the components of GDP in the output (expenditures) approach. 2) Please calculate the growth...

1) List the components of GDP in the output (expenditures) approach.

2) Please calculate the growth rate based on the following information:

U.S. GDP 2019 = 19.1 trillion dollars

U.S. GDP 2018 = 18.8 trillion dollars

U.S. GDP 2017 = 18.5 trillion dollars

What is the growth rate between 2018 and 2019?

What is the growth rate between 2017 and 2019?

Expert Solution

Answer:-

(1) There are four components of the gross domestic product are Consumption(C), Investment(I), Government Purchases(G), and Net Exports(NX).

(2) Calculate Growth Rate:-

Growth Rate between (2018 and 2019) = (GDP – 2019) - (GDP – 2018) / (GDP – 2018) * 100

= 19.1 – 18.8 / 18.8 * 100

= 1.6

Growth Rate between (2017 and 2019) = (GDP – 2019) - (GDP – 2017) / (GDP – 2017) * 100

= 19.1 – 18.5 / 18.5 * 100

= 3.24

Rahul Sunny answered 2 years ago

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1) List the components of GDP in the output (expenditures) approach. 2) Please calculate the growth...

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