Using the values in the table, calculate the following aggregate expenditures and nominal GDP.
Instructions: Round your answers to 1 decimal place. Include a negative sign if necessary.
a. Calculate consumption expenditures in 2013. _____ $ billion
b. Calculate the amount of net exports in 2013. _______ $ billion
c. Calculate nominal GDP in 2013. ________ $ billion
The table below shows the expenditure components for the United States in 2013.
|
Type of Expenditure Component
|
Amount of Expenditure (billions of dollars)
|
|
Durable goods
|
$1,249.3
|
|
Nondurable goods
|
2,601.9
|
|
Services
|
7,633.2
|
|
Gross investment
|
2,648.0
|
|
Exports
|
2,262.2
|
|
Imports
|
2,770.4
|
|
Federal government
|
1,231.5
|
|
State and local government
|
1,912.4
|