(75 points) Part 2: Answer following 3 questions. Show your calculations for full credit. 1. (25 points) The components

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75 Points Part 2 Answer Following 3 Questions Show Your Calculations For Full Credit 1 25 Points The Components 1 (77.17 KiB) Viewed 26 times

(75 points) Part 2: Answer following 3 questions. Show your calculations for full credit. 1. (25 points) The components of GDP of 2015 in the accompanying table. Category billions of dollars Consumer spending Durable goods 2,400 Nondurable goods 850 Services 9,000 Private investment spending Fixed investment spending 7,500 Net exports Exports 5,200 - Imports 2,700 Government purchases of goods and services and investment spending 8,200 State and local 2,150 - Federal a. Write the formula for expenditure method of GDP calculation and calculate gross domestic product in 2015. b. The GDP deflator in 2015 was 105. Calculate the value of the real GDP in 2015.