This chart shows the components of nominal GDP for the years 2000 and 2001. All figures are in billions of current dollars.
Components 2000 2001
Consumption $6,684 $6,987
Investment $1,755 $1,560
GovernmentSpending $1,751 $1,858
Exports $1,101 $1,034
Imports $1,467 $1,383
Nominal GDP $9,824 $10,056
2
Question #6:
This chart shows the components of nominal GDP for the years 2000 and 2001. All figures are in billions of current dollars.
Components 2000 2001
Consumption $6,684 $6,987
Investment $1,755 $1,560
Government Spending $1,751 $1,858
Exports $1,101 $1,034
Imports $1,467 $1,383
Nominal GDP $9,824 $10,056
A) What percentage of GDP in 2000 is consumption?
B) Calculate net exports for 2001. (Express your answer in billions of dollars.)
68
What percentage of GDP in 2000 is consumption
Calculate net exports for 2001. (Express your answer in billions of dollars.)
349
adad
To answer question A, we need to find the percentage of GDP that consumption represents in 2000. Here's how you can calculate it:
Step 1: Divide the value of consumption in 2000 by the value of nominal GDP in 2000.
Consumption in 2000 / Nominal GDP in 2000 = $6,684 / $9,824 = 0.6796
Step 2: Multiply the result by 100 to get the percentage.
0.6796 * 100 = 67.96%
Therefore, consumption represents approximately 67.96% of GDP in 2000.
Now let's move on to question B to calculate net exports for 2001:
To calculate net exports, we subtract the value of imports from the value of exports. Here's how you can do it:
Step 1: Subtract the value of imports in 2001 from the value of exports in 2001.
Exports in 2001 - Imports in 2001 = $1,034 - $1,383 = -$349
Step 2: Express the result in billions of dollars.
-$349 billion
Therefore, the net exports for 2001 are -$349 billion.