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Given the macroeconomic data for the US economy, find out GDP for 2008.

Line

 

 2008-I

 2008-II

 2008-III

 2008-IV

1

    Gross domestic product

14373.9

14497.8

14546.7

14347.3

2

Personal consumption expenditures

10095.1

10194.7

10220.1

10009.8

3

  Goods

3447.2

3474.9

3463

3227.5

4

    Durable goods

1145.8

1126.5

1088.5

1019.9

5

    Nondurable goods

2301.4

2348.4

2374.5

2207.6

6

  Services

6647.9

6719.8

6757.1

6782.3

7

Gross private domestic investment

2214.8

2164.6

2142.7

2022.1

8

  Fixed investment

2223

2214

2179.7

2066.6

9

    Nonresidential

1705

1719.7

1711

1638.7

10

      Structures

586.3

610.6

620.4

620.7

11

      Equipment and software

1118.7

1109.2

1090.6

1018

12

    Residential

518.1

494.2

468.6

427.8

13

  Change in private inventories

-8.2

-49.3

-37

-44.5

14

Net exports of goods and services

-744.4

-738.7

-757.5

-590.5

15

  Exports

1803.6

1901.5

1913.1

1706.2

16

    Goods

1247.3

1326.2

1338.5

1155.7

17

    Services

556.3

575.3

574.6

550.5

18

  Imports

2548.1

2640.2

2670.5

2296.7

19

    Goods

2143.1

2226.8

2243.3

1892.5

20

    Services

404.9

413.4

427.2

404.2

21

Government consumption expenditures and gross investment

2808.4

2877.1

2941.4

2905.9

22

  Federal

1038.3

1069.5

1108.3

1114.3

23

    National defense

703.6

725.6

763.6

758.9

24

    Nondefense

334.8

343.9

344.7

355.3

25

  State and local

1770.1

1807.6

1833.1

1791.7

A.      Illustrate what does it mean to say that private inventories (line 12) were a negative number in the 4th quarter?

B.      In line 13, negative net exports are growing smaller from quarter 1 to 4. What does this mean

C.      GDP actually rose among the first and fourth quarters of 2008?  Looking at the changes of each component of GDP over all 4 quarters, what do you think is the reason for this?

 

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M922017

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