Assignment #5Gross Domestic ProductAssume the economy in the United States has the following data:

Consumption = $12 trillion

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Defense spending = $3 trillion

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Government Purchases = $5 trillion

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Net Exports = -$100 billion

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Imports = $500 billion

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Investment Spending = $2 trillion

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Social Security Payments = $1.5 trillion

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Household Income = $19 trillion

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Exports = $400 billion

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Rate of Unemployment = 7.8%

1. What is the GDP? Show your calculations.

2. Using only the data above, is the economy in a recession