Question
In: Economics
Use the information in the table below to calculate Net Exports (NX) and gross domestic product...
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
a) Net Exports = $
b) Is this economy experiencing a trade surplus or a trade deficit?
c) Gross Domestic Product (GDP) = $
Solutions
Expert Solution
Consumption Spending. . . . . .. . . . . . . . . . $12,000 billion
Gross Investment Spending . . . . . . . . . . . . $3,100 billion
Government Purchases. . . . . . . . . . . . . . . $3,400 billion
Exports . . . . . . . . . . . . . . . . . . . . . . $2,200 billion
Imports . . . . . . . . . . . . . . . . . . . . . . $2,700 billion
a) Net Exports = Export - Import
= $2,200 billion - $2,700 billion
= (-$500) billion
b) This economy is experiencing a trade deficit because import is more than the export.
Trade deficit =($500) billion
c) Gross Domestic Product (GDP) = Consumption + Investment+ government expenditure +export-Import
=12,000+3,100+3,400+2,200-2,700
=$18,000 billions
Rahul Sunny answered 2 years agoRelated Solutions
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