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Consider the following hypothetical data for the U.S. economy in 2020 all amounts are in trillions of dollars Consumption 11.0 Indirect business taxes

Consider the following hypothetical data for the U.S. economy in 2020 (all amounts are in trillions of dollars). Consumption ...................................... 11.0 Indirect business taxes ............................... 8 Depreciation .......................................... 1.3 Government spending ...............................3.8 Imports ................................................ 2.7 Gross private domestic investment .................4.0 Exports ..................................................2.5 a. Based on the data, what is GDP? NDP? NI? b. Suppose that in 2021, exports fall to $2.3 trillion, imports rise to $2.85 trillion, and gross private domestic investment falls to $3.25 trillion. What will GDP be in 2019, assuming that other values do not change between 2020 and 2021?

Apr 09 2020 View more View Less

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