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ECO 372 Week 1 Worksheet
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Week 1 Worksheet
- 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
- Net Exports = $
- Is this economy experiencing a trade surplus or a trade deficit?
- c) Gross Domestic Product (GDP) = $
a) Give an example of an activity that is not included in GDP estimates (a non-market
activity or an activity in the underground economy):
- b) Is GDP designed to measure happiness? Discuss.
- Suppose nominal GDP is equal to $16,000 billion and the GDP Deflator is equal to 125; calculate real GDP, in billions of dollars.
Real GDP = $
