Assignment #5 Gross Domestic Product Assume the economy in the United States has the following data: Consumption = $12 trillion Defense spending = $3...
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Assignment #5Gross Domestic ProductAssume the economy in the United States has the following data:

Consumption = $12 trillion

Defense spending = $3 trillion

Government Purchases = $5 trillion

Net Exports = -$100 billion

Imports = $500 billion

Investment Spending = $2 trillion

Social Security Payments = $1.5 trillion

Household Income = $19 trillion

Exports = $400 billion

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

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