Consider the following hypothetical data for the U.S. economy in 2014 (all amounts are in trillions of

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Consider the following hypothetical data for the U.S. economy in 2014 (all amounts are in trillions of dollars).
Consumption......................................11.0
Indirect business taxes............................0.8
Depreciation........................................1.3
Government spending.............................2.8
Imports..............................................2.7
Gross private domestic investment..............3.0
Exports..............................................2.5
a. Based on the data, what is GDP? NDP? NI?
b. Suppose that in 2015, exports fall to $2.3 trillion, imports rise to $2.85 trillion, and gross private domestic investment falls to $2.25 trillion. What will GDP be in 2015, assuming that other values do not change between 2014 and 2015?
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Economics Today

ISBN: 978-0132554619

16th edition

Authors: Roger LeRoy Miller

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