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What are the four categories of the expenditures approach

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Suppose that data below corresponds to the small nation of Cruzville with a population of 189 people. Of the 189 residents 57 are under 16 years of age, and 11 are institutionalized adults. People in the last two categories are not considered to be in the labor force. Of the remaining 121 residents, 16 are without jobs and have given up searching for a job, 6 do not have a job, but are actively seeking work, 20 work part ­time, and the rest work full time. Over the years, the natural rate of unemployment has been found to be 7%. In 2014, the consumer price index (CPI) was 112, and in 2015 the CPI was 130.

Question 1. According to the information provided in the GDP background information handout, a) what are the 4 categories of the expenditures approach? B) how are these categories used to calculate GDP?

Question 2. The GDP background information handout, what are the subcategories of Personal Consumption Expenditures?

Question 3. The GDP background information handout handout, what are the subcategories of Gross Private Domestic Investment?

 

Reference no: EM132927285

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