Using the Expenditure Approach, Calculate GDP Using the Following Data

question 6

Essay

Using the expenditure approach, calculate GDP using the following data. $$\begin{array} { | l | r | } \hline { \text { Item } } & \text { Amount in dollars (billions) } \\\hline \text { Consumption } & 7,600 \\\hline \text { Consumption of Durable Goods } & 1,600 \\\hline \text { Consumption of Nan Durable Gaods } & 2,800 \\\hline \text { Cansumptian of Services } & 3,200 \\\hline \text { Investment } & 2,750 \\\hline \text { Fixed Investment } & 1,000 \\\hline \text { Government purchases af Goods \& Services } & 1,675 \\\hline \text { Govermment Transfer Payyents } & 450 \\\hline \text { Exgarts } & 750 \\\hline \text { Imparts } & 1,600 \\\hline \text { GDP Equals } & \\\hline\end{array}$$

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Definitions:

Normal Population

A population in which the data follows a normal distribution, characterized by a bell-shaped curve.

Binomial Population

A population in which each member has only two possible outcomes or states, typically referred to as a success or failure.

Goodness-Of-Fit Test

A statistical method employed to assess the alignment between observed data and its predicted distribution.

Degrees Of Freedom

The number of independent values or quantities which can vary in an analysis without breaking any constraints.