Economics Homework Help
Consider the following hypothetical data for the US economy in 2020 (all amounts are in trillions of dollars).
Consider the following hypothetical data for the US economy in 2020 (all amounts are in trillions of dollars).
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Consumption- 11.0
Non-income-related taxes net of subsidies- 0.8
Depreciation- 1.3
Government spending- 3.8
Imports- 2.7
Gross private domestic investment- 4.0
Exports- 2.5
A. Based on the data, what is GDP? NDP? NI?
B. Suppose that in 2021, esports fall to $2.3 trillion, imports rise to $2.85 trillion, and gross private domestic investment falls to $3.25 trillion. What will gdp be in 2021, assuming that other values do not change between 2020 and 2021?
