Chapter 2 - Econ 362 Chapter 2 u2013 Problems and...

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Econ 362Chapter 2 – Problems and Applications4. Place each of the following transactions in one of the four components of expenditure: consumption, investment, government purchases, and net exports.a. Boeing sells and airplane to the U.S. Air Force – Government purchasesb. Boeing sells an airplane to American Airlines – Investment c. Boeing sells an airplane to Air France – Net exportsd. Boeing sells an airplane to Amelia Earhart – Consumption e. Boeing builds an airplane to be sold next year – Investment 5. Find data on GDP and its components, and compute the percentage of GDP for the following components for 1950, 1980, and the most recent year available.GDP - 1950 – 294.3; 1980– 2795.6; 2012– 15684.8a. Personal consumption expenditures – 1950– 192.7; 1980 – 1762.9; 2012– 11119.6b. Gross private domestic investment – 1950– 54.1; 1980– 477.9; 2012– 2062.3c. Government purchases – 1950– 46.8; 1980– 567.5; 2012– 3089.9d. Net exports – 1950– 0.7; 1980– -14.9; 2012– -559.5e. National defense purchases – 1950– 19.7; 1980– 167.7; 2012– 809.2f. Imports – 1950– 11.6; 1980– 293.8; 2012– 2774.0

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