I need to answer the following questions using the chart below:
- Why was the nominal GDP
greater than the real GDP? By how much?
- GDP is composed of a number of categories. What category makes up the largest portion of GDP? What category makes up the smallest portion of GDP?
- What is "Gross private domestic investment"? What does gross private domestic investment measure?
- What is "Net exports of goods and services"? Why it is negative?
- In the left part of the table 3 (nominal GDP) find the category "National defense". How much was the National defense for the last quarter? Calculate percentage of National defense out of "Government consumption expenditures and gross investment". Calculate percentage of National defense out of GDP.
- Please analyze and discuss the significance of the data that you received for this Data exercise. Reflect on what you have learned from this exercise.
Nominal GDP from 2019 Q3 Billions of dollars (Billions of dollars) Percentage of Nominal GDP Gross Domestic Product 21,542.50 Personal Consumption Expenitures 14,678.20 68 Gross Private Domestic Investment 3,744.60 17 Net Exports of Goods and Services -653 -3 Government consumption expenditures and gross investment 3,772.80 18 Real GDP from 2019 Q3 (Billions of chained (2012) dollars) Percentage of Real GDP Gross Domestic Product 19,121.10 Personal Consumption Expenitures 13,353.10 70 Gross Private Domestic Investment 3,416.20 18 Net Exports of Goods and Services -990.1 -5 Government consumption expenditures and gross investment 3,310.40 17