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The components that comprise a nation’s gross domestic product were identified and discussed in the chapter. Assume the following accounts and amounts were reported by a nation last year. Government purchases of goods and services were $5.5 billion; personal consumption expenditures were $40.5 billion; gross private domestic investment amounted to $20 billion; capital consumption allowances were $4 billion; personal savings were estimated at $2 billion; imports of goods and services amounted to $6.5 billion; and the exports of goods and services were $5 billion. a. Determine the nation’s gross domestic product.b. How would your answer change if the dollar amounts of imports and exports are reversed?
The components that comprise a nation’s gross domestic product were identified and discussedin the chapter. Assume the following accounts and amounts were reported by a nation last year….
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