Question

Please answer the following questions: 1) List the components of GDP in the output (expenditures) approach....

Please answer the following questions:

1) List the components of GDP in the output (expenditures) approach.

2) Please calculate the growth rate based on the following information:

U.S. GDP 2017 = 19.1 trillion dollars

U.S. GDP 2016 = 18.8 trillion dollars

U.S. GDP 2015 = 18.5 trillion dollars

What is the growth rate between 2015 and 2016?

What is the growth rate between 2016 and 2017?

3) Using the GDP Deflator, calculate the following in (B) billions:

                  Consumer              Government                Investment                Net Exports

2017:           Q       P                    Q       P                       Q       P                      Q       P

                  10 B   $25.00            20 B   $5.00                15 B   $3.00              -3 B    $7.00

2016:          Q       P                    Q       P                       Q       P                      Q       P

                    8 B   $22.00            18 B   $4.00                12 B   $4.00              -2 B    $5.00

What is the GDP Deflator?

4) Give an estimate of actual 2017 GDP for China, Japan, Canada and Mexico, and compare it to the U.S. What is your analysis?

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