__172.20.40.61_Materials_hjackson-0013_Answers_to_Chapter_7_assigned_problems

__172.20.40.61_Materials_hjackson-0013_Answers_to_Chapter_7_assigned_problems

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Unformatted text preview: Answers to Chapter 7 assigned problems 3. All figures below are in billions of dollars. a. Consumer spending is $1,082.8 + $2,833.0 + $5,794.4 = $9,710.2. b. Private investment spending is $2,134.0 - $3.6 = $2,130.4. c. Net exports are $1,662.4 - $2,370.2 = - $707.8. d. Government purchases of goods and services and investment spending are $1,695.5 + $979.3 = $2,674.8. e. Gross domestic product is $9,710.2 + $2,130.4 + $2,674.8 - $707.8 = $13,807.6. f. Consumer spending on services as a percentage of total consumer spending is ($5,794.4/$9,710.2) 100 = 59.7%. g. Exports as a percentage of imports is ($1,662.4/$2,370.2) 100 = 70.1%. h. Government purchases of goods and services on national defense as a percentage of federal purchases of goods and services is ($662.2/$979.3) 100 = 67.6%. 9: a. The percent change in the price of an English textbook from 2005 to 2007 is 14.0% (equal to (($57 - $50)/$50) 100)....
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