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3. Use the information below to answer question 3:

Consumption $10,255

Government purchases of goods and services $3,350

Gross investment $3,098

Exports of goods and services 2,194

Imports of goods and services 2,734

Exports of factor services 742

Imports of factor services 543

Net unilateral transfers -134

Capital account 6

Calculate the following:

a. GNE

b. GDP

c. GNI

d. Financial account

e. National saving

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Related questions

Shown below is a simplified balance of payments table for the United States. Use the information in the table to answer the questions below.

Amount

(in billions of dollars)

1. Exports of goods and services 1,500

2. Income receipts 600

3. Imports of goods and services -2,000

4. Income payments -800

5. Unilateral current transfers 0

6. U.S.-owned assets abroad?

7. Foreign-owned assets in the United States 1,100

8. Statistical discrepancy 0

Questions:

a. What is the value for the missing entry?

b. If U.S. GDP is $13,000 billion, what must U.S. GNI be?

c. What is U.S. GNE (i.e., C + I +G)?

d. If U.S. gross domestic investment (I) is $3,100 billion, what must U.S. gross national saving (S) be?

Compensation of Employees                                                                                    $194.2

U.S exports of goods and services                                                                              17.8

Consumption office capital (depreciation)                                                                11.8

Government purchases                                                                                                 59.4

Taxes on production and imports                                                                               14.4

Net private domestic investment                                                                                52.1

Transfer payments                                                                                                         13.9

U.S. imports of goods and services                                                                             16.5

Personal taxes                                                                                                                 40.5

Net foreign factor income                                                                                              2.2

Personal consumption expenditures                                                                         219.1

Statistical discrepancy                                                                                                    0

Calculate national income.

The components of GDP in the accompanying table were produced by the Bureau of Economic Analysis. Category Components of GDP in 2013 (billions of dollars)

Consumer spending

Durable goods $1,263.0

Nondurable goods 2,622.9

Services 7,615.7

Private investment spending

Fixed investment spending 2,564.0

Nonresidential 2,047.1

Structures 456.4

Equipment and intellectual property products 1,590.7

Residential 516.9

Change in private inventories 106.1

Net exports

Exports 2,259.9

Imports 2,757.2

Government purchases of goods and services and investment spending

Federal 1,245.9

National defense 770.7

Nondefense 475.1

State and local 1,879.6

1) Calculate 2013 consumer spending.

2) Calculate 2013 private investment spending.

3) Calculate 2013 net exports.

4) Calculate 2013 government purchases of goods and services and government investment spending.

5) Calculate 2013 gross domestic product.

6) Calculate 2013 consumer spending on services as a percentage of total consumer spending.

7) Calculate 2013 exports as a percentage of imports.

8) Calculate 2013 government purchases on national defense as a percentage of federal government purchases of goods and services.

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