rrect Question 16 The nominal GDP of the U.S. in 2012 was estimated to be $16.2 trillion. This means all the statements given are true. ?the value of output in 2012 was around $16.2 trillion. total income in 2012 was around $16.2 trillion. total spending in 2012 was around $16.2 trillion. 0/1 pts
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Consider the following statistics on the U.S. economy for 2012 (note: some statistics are estimates based on the government budget for 2014): GDP = $16.8 trillion; Taxes = $2.8 trillion; Private saving = $3.49 trillion; Public saving = -$0.68 trillion. (Source: Wallstats, St. Louis Fed, BEA) Giving your answers in trillions, rounded to the nearest thousandth (e.g., 5.472 trillion), if our economy were closed, 1) What would consumption be? 2) What would government purchases be? 3) What would national saving be? 4) What would investment be? 5) Do these numbers lead you to believe productivity is increasing, decreasing, or neither? 6) Now, assuming we have an open economy, with imports totaling 2.27 trillion and exports totaling 1.58 trillion, What does national savings equal?
Manasvee S.
Year Nominal GDP (in Billions of Dollars) GDP Deflator (Price Index, (2012 = 100) 2000 9,817 78.1 2001 10,128 79.8 2002 10,469 81.1 2003 10,960 82.6 2004 11,685 84.8 2005 12,422 87.4 2006 13,178 90.1 2007 13,808 92.5 2008 14,291 94.3 2009 13,939 95.0 2010 14,524 96.1 2011 15,518 98.1 2012 16,163 100.0 2013 16,768 101.8 2014 17,393 103.6 2015 18,037 104.6 2016 18,954 105.7 2017 19,543 107.7 2018 20,612 110.3 2019 21,433 112.3 refer to the data below (all values are in billions): Instructions: Round your responses to the nearest billion. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Calculate real GDP for 2012 using 2002 prices. $ billion b. By how much did real GDP increase between 2002 and 2012? $ billion c. By how much did nominal GDP increase between 2002 and 2012? $ billion
Crystal W.
Instructions: Round your responses to the nearest billion. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. nominal GDP of 2002- 10,469 nominal GDP of 2012- 16,163 deflator 2002- 81.1 deflator 2012- 100 a. Calculate real GDP for 2012 using 2002 prices. $ billion
T. L.
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