Consider the following table for Canada€™s GDP in 2016.

a. Calculate 2016 consumer spending.

b. Calculate 2016 private investment spending.

c. Calculate 2016 net exports.

d. Calculate 2016 government purchases of goods and services and government investment spending.

e. Calculate 2016 gross domestic product.

f. Calculate 2016 consumer spending on services as a percentage of total consumer spending.

g. Calculate 2016 exports as a percentage of imports.

h. Calculate 2016 exports and imports as a percentage of gross domestic product. Was there a trade surplus or trade deficit in 2016? How large was this as a percentage of GDP?

Transcribed Image Text:

Components of GDP in 2016 (billions of dollars) Category Personal expenditure on consumer goods and services Durable goods 231.2 Non-durable goods 273.4 Services 648.9 Non-profit institutions serving households' final consumption expenditure 28.6 General government's final consumption expenditure 429.8 Business gross fixed capital formation Residential structures 154.1 Non-residential structures 117.1 Machinery and equipment 80.2 Intellectual property products 33.3 Non-profit institutions serving households' gross fixed capital formation 2.8 General government's gross fixed capital formation 78.9 Investment in inventories -2.2 Exports of goods and services 628.7 Imports of goods and services 676.7