ECON UN1105 Study Guide - Final Guide: Government Spending, Root Mean Square
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20 Apr 2020
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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 |
&
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?