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In: Economics

Consider the following hypothetical data for the U.S. economy in 2020​ (all amounts are in trillions...

Consider the following hypothetical data for the U.S. economy in 2020​ (all amounts are in trillions of​ dollars): Category Value Consumption ​$12.4 ​Non-income-related taxes net of subsidies 0.9 Depreciation 1.2 Government spending 2.7 Imports 2.5 Gross private domestic investment 3.1 Exports 2.6 a. Based on the data​ above: ​(Enter your responses rounded to one decimal​ place.)          Calculate GDP. ​$ nothing trillion.     Calculate NDP LOADING.... ​$ nothing trillion.     Calculate NI LOADING....     ​$ nothing trillion.

Solutions

Expert Solution

C= $12.4

I= 3.1

G= 2.7

X( exports )= 2.6

M(imports )= 2.5

GDP = C+ I+ G+ (X-M)

= 12.4 + 3.1 + 2.7 + (2.6 - 2.5)

= $18.3 trillion

NDP = GDP - depreciation

= 18.3 - 1.2

= $17.1 trillion

National income = NDP - Non-income-related taxes net of subsidies

= 17.1 - 0.9

= $16.2 trillion

Rahul Sunny answered 2 years ago
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