ECO 1000 Lecture 10: ECO Chapter 10
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Table 1.1.5. Gross Domestic Product | |||||
Line | 2015 | 2016 | |||
III | IV | I | II | ||
1 | Gross domestic product | 18141.9 | 18222.8 | 18281.6 | 18436.5 |
2 | Personal consumption expenditures | 12356.9 | 12438.8 | 12498 | 12695.1 |
3 | Goods | 4043 | 4038.1 | 4008.7 | 4086 |
4 | Durable goods | 1364.7 | 1371.8 | 1366.6 | 1390.4 |
5 | Nondurable goods | 2678.4 | 2666.3 | 2642 | 2695.6 |
6 | Services | 8313.9 | 8400.6 | 8489.3 | 8609 |
7 | Gross private domestic investment | 3072.1 | 3059.9 | 3036.8 | 2973.6 |
8 | Fixed investment | 2995.3 | 2997.2 | 2994.8 | 2992.2 |
9 | Nonresidential | 2331.5 | 2311.3 | 2292.4 | 2294 |
10 | Structures | 508.5 | 487.8 | 486 | 479.3 |
11 | Equipment | 1099.7 | 1092.6 | 1066.3 | 1056.6 |
12 | Intellectual property products | 723.3 | 730.9 | 740.1 | 758.2 |
13 | Residential | 663.8 | 685.9 | 702.4 | 698.2 |
14 | Change in private inventories | 76.8 | 62.7 | 41.9 | -18.6 |
15 | Net exports of goods and services | -523.4 | -520.9 | -507.4 | -495.5 |
16 | Exports | 2259.1 | 2211.7 | 2179 | 2206.8 |
17 | Goods | 1495.6 | 1448.3 | 1410.9 | 1437.8 |
18 | Services | 763.5 | 763.4 | 768.1 | 769 |
19 | Imports | 2782.5 | 2732.6 | 2686.3 | 2702.3 |
20 | Goods | 2284.1 | 2235 | 2185.7 | 2199.1 |
21 | Services | 498.4 | 497.7 | 500.7 | 503.2 |
22 | Government consumption expenditures and gross investment | 3236.3 | 3245 | 3254.3 | 3263.4 |
23 | Federal | 1225 | 1234 | 1233.8 | 1239.2 |
24 | National defense | 729.3 | 735.6 | 731.4 | 729.3 |
25 | Nondefense | 495.7 | 498.4 | 502.4 | 509.9 |
26 | State and local | 2011.3 | 2011 | 2020.5 | 2024.1 |
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Table 1.1.6. Real Gross Domestic +A1:F26Product, Chained Dollars | |||||
Line | 2015 | 2016 | |||
III | IV | I | II | ||
1 | Gross domestic product | 16454.9 | 16490.7 | 16525 | 16570.2 |
2 | Personal consumption expenditures | 11255.9 | 11319.3 | 11365.2 | 11487.4 |
3 | Goods | 3932.6 | 3953.4 | 3964.7 | 4033.4 |
4 | Durable goods | 1512.4 | 1527.3 | 1524.9 | 1561.3 |
5 | Nondurable goods | 2451.3 | 2458.4 | 2471.1 | 2505.6 |
6 | Services | 7327.2 | 7369.8 | 7403.9 | 7460.5 |
7 | Gross private domestic investment | 2882.2 | 2865.4 | 2841.5 | 2769.9 |
8 | Fixed investment | 2794.5 | 2793.3 | 2786.7 | 2769 |
9 | Nonresidential | 2217.5 | 2198.8 | 2179.7 | 2174.8 |
10 | Structures | 453.4 | 435.1 | 435.2 | 425.8 |
11 | Equipment | 1085.7 | 1078.6 | 1052 | 1042 |
12 | Intellectual property products | 683.1 | 690.7 | 697.1 | 711.7 |
13 | Residential | 573.7 | 589.5 | 600.7 | 588.8 |
14 | Change in private inventories | 70.9 | 56.9 | 40.7 | -12.4 |
15 | Net exports of goods and services | -547.1 | -566.6 | -566.3 | -562 |
16 | Exports | 2120.4 | 2105.8 | 2102 | 2108.1 |
17 | Goods | 1440.7 | 1423.8 | 1424.1 | 1430.3 |
18 | Services | 679.3 | 681.1 | 677.3 | 677.4 |
19 | Imports | 2667.6 | 2672.4 | 2668.2 | 2670.1 |
20 | Goods | 2197.4 | 2201.4 | 2194.1 | 2194.3 |
21 | Services | 468.2 | 469 | 471.9 | 473.6 |
22 | Government consumption expenditures and gross investment | 2894.4 | 2901.7 | 2913.2 | 2902.1 |
23 | Federal | 1112.7 | 1123 | 1118.7 | 1117.8 |
24 | National defense | 669 | 676.3 | 670.9 | 665.7 |
25 | Nondefense | 443.1 | 446.2 | 447.2 | 451.4 |
26 | State and local | 1779.9 | 1777.1 | 1792.6 | 1782.6 |
27 | Residual | -49.2 | -49.6 | -46.5 | -52.6 |
1.Why was the nominal GDP greater than real GDP in each of those quarters?
2.What was the percentage change in Nominal GDP for the most recent quarter compared to the previous quarter? What was the percentage change in real GDP for the two quarters?
3.What accounts for the difference in the two percentages?
5. The income approach The following table shows macroeconomic data for a hypothetical country. All figures are in billions of dollars.
National income can also be calculated based on disposable income. Use the following table to derive personal income and national income (in billions of dollars). Specify what needs to be added to disposable income to arrive at personal income, and explain how personal income should be adjusted to find national income.
National income is the total amount earned by the citizens of a country, while gross domestic product is the total value of goods and services produced within a country. To determine the gross domestic product, you have to make some adjustments to national income. Use the following table to derive gross domestic product and, as part of the process, net domestic product (NDP) (in billions of dollars). Again, specify what should be added to and subtracted from national income to arrive at the net domestic product, and what should be added to the net domestic product to arrive at the gross domestic product.
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