The balance on your credit card statement s how much

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The balance on your credit card statement (S)How much time you spend studying (F)The size of your MP3/iTunes collection (S)The inflation rate (F)The unemployment rate (S)18
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U.S. Government Spending, 2014- Federal18.23,209Govt spending- State & localDefense7.111.24.52.61,2411,968784457Nondefense% of GDP$ billions20
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U.S. Net Exports, 2014$ billions% of GDPNet exports of g&s–517–2.9Exports2,36713.4Goods 1,6459.3Services7214.1Imports2,88316.4Goods 2,39413.6Services4892.822
NOW YOU TRYAn expenditure-output puzzle?Suppose a firm: produces $10 million worth of final goodsonly sells $9 million worthDoes this violate the expenditure = outputidentity?23
NOW YOU TRYAn expenditure-output puzzle?Suppose a firm: produces $10 million worth of final goodsonly sells $9 million worthDoes this violate the expenditure = outputidentity?
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GDP: An important and versatile conceptWe have now seen that GDP measures:total incometotal outputtotal expenditurethe sum of value added at all stages in the production of final goods26
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GNP vs. GDP in Select Countries, 2012CountryGNPGDPGNP – GDP (% of GDP)Bangladesh127,672116,3559.7Japan6,150,1325,961,0663.2China8,184,9638,227,103-0.5United States16,514,50016,244,6001.7India1,837,2791,858,740-1.2Canada1,821,4241,779,6352.3Greece250,167248,9390.5Iraq216,453215,8380.3Ireland171,996210,636-18.3GNP and GDP in millions of current U.S. dollars.28
Real vs. nominal GDPGDP is the valueof all final goods and services produced. Nominal GDPmeasures these values using current prices. Real GDPmeasures these values using the prices of a base year. 29

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