GDP = C + I + G + Xn Use the i

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January 18th, 2023

GDP = C + I + G + X_n

Use the information below to fill inthe blanks in the table. Add only the things that are included inGDP to get the nominal GDP. Omit things not counted in GDP. (Ifilled in a few answers just to help you get started.)

Remember: Real GDP = (NominalGDP/implicit price deflator) * 100

(All dollar amounts in billions)

economic activity	Does this count in GDP? If so, where? C, I, G, orX_n?	2010	2012	2014
Government purchases of products	G	360	380	410
Payroll of government employees		210	220	235
New home construction		40	40	46
U.S. purchases of imports		40	45	55
U.S. sales of exports	Xn	40	40	40
Estimated value of underground economy		110	112	115
Household consumption expenditures	C	720	780	830
Changes in inventory		-30	0	35
Social Security earnings		13	14	15
Welfare payments		8	9	9
Business purchases of capital equipment		75	80	90
Implicit price deflator		93.6	100.0	105.0
TOTAL NOMINAL GDP		1,375
TOTAL REAL GDP (in 2012 dollars)

Answer:

Ans: Table

economic activity	Does this count in GDP? If so, where? C, I, G, orX_n?	2010	2012	2014
Government purchases of products	G	360	380	410
Payroll of government employees	G (because it is paid by govt)	210	220	235
New home construction	I (counted as part of Residential Investment)	40	40	46
U.S. purchases of imports	Xn (included as imports and subtracted from exports to get theNet exports)	40	45	55
U.S. sales of exports	Xn	40	40	40
Estimated value of underground economy	No (Illegal Black Economy does not form PART OF GDP)	110	112	115
Household consumption expenditures	C	720	780	830
Changes in inventory	I (Part of Capital Formation)	-30	0	35
Social Security earnings	NO (Because these are transfer payments an they are not a partof GDP)	13	14	15
Welfare payments	NO (Because these are transfer payments an they are not a partof GDP)	8	9	9
Business purchases of capital equipment	I (Part of capital formation)	75	80	90
Implicit price deflator		93.6	100.0	105.0
TOTAL NOMINAL GDP		1,375	1,495	1,631
TOTAL REAL GDP (in 2012 dollars)		1,469.02	1,495	1,553.33

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