Introductory Macroeconomics

Introductory Macroeconomics

provide brief answers to the following questions, based on the information included in the chart.
a) Identify the four elements included in Gross Domestic Product
b) Estimate roughly the extent of the percentage increase in US nominal consumer spending and US general government spending between 1984 and 2012 – just compare these two years).
c) What adjustment should be made to the Gross Domestic Product statistics in order to estimate the rate of economic growth, or increases in real consumption or government spending in a particular year?
d) What does the chart reveal about the US trade balance after 1997? How might this be linked to changes in the trade balance of other countries?
e) Which were the elements of GDP most affected by the global financial crisis of 2008?

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