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Question 4 0.1 pts The following table describes the National Income and Product Accounts for 2016. What is nominal GDP? Gross Private Domestic Investment Exports Imports Durable Goods Nondurable Goods Services Government Consumption & Investment Change in Private Inventories Residential Investment $3,057.2 $2,208.1 $2,712.9 $1,411.0 $2,710.4 $8,699.3 $3,267.8 $35.1 $705.9

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GDP is the market value of final goods and services produced in a country during a specific period of time.

GDP = consumption + investment + government spending + (exports - imports)

         = ($1,411+$2,710.4+$8,699.3) + $3,057.2 + $3,267.8 + ($2,208.1 - $2,712.9)

         = $12820.7 + + $3,057.2 + $3,267.8 - $504.8

         = $18640.9

Hence the nominal GDP is $18640.9

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