Complete the following.
• When completing this table, remember that Y = C + I + G + NX. Percentages in column 3 (C+I+G+NX) should add up to 100% (Y).
• Important: Use 309 million as the U.S. population when calculating column 2. Remember that column 1 is in Billions but the population is in Millions.
GDP and Its Components
Total
(in billions of dollars) Per Person
(in dollars) Percent of Total
Gross Domestic Product, Y
Consumption, C
Investment, I
Government purchases, G
Net exports, NX
Part 2
•Explain the difference between nominal and real GDP and why real GDP is necessary to compare prior years' data.