Gross Domestic Product-Part 1
Obtain data about 2012 gross domestic product at www.bea.gov to complete the table below.
- When completing this table, recall that Y = C + I + G + NX.
- Use the most recent Consumer price Index reported by the Bureau of Labor Statistics.
GDP and Its Components
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Total
(in billions of dollars)
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Per Person
(in dollars)
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Percent of Total
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Gross Domestic Product, Y
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Consumption, C
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Investment, I
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Government purchases, G
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Net exports, NX
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Part 2
Write a 500-word response to the following:
- Explain the difference between nominal and real GDP and why real GDP is necessary to compare prior years' data.
Format your paper using West Writing Style Handbook guidelines.