# ECO 372 Entire Course

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ECO 372 Entire Course

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ECO/372

Principles of Macroeconomics

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# ECO 372 Week 1 Worksheet

Complete the Worksheet.

Click the Assignment Files tab to submit your assignment.

Week 1 Worksheet

1. Use the information in the table below to calculate Net Exports (NX) and gross domestic product (GDP), in billions of dollars.

Consumption Spending. . . . . .. . . . . . . . . .    \$12,000 billion

Gross Investment Spending . . . . . . . . . . . .   \$3,100 billion

Government Purchases. . . . . .  . . . . . . . . .   \$3,400 billion

Exports  . . . . . . . . . . . . . . . . . . . . . .      \$2,200 billion

Imports  . . . . . . . . . . . . . . . . . . . . . .      \$2,700 billion

1. Net Exports = \$

1. Is this economy experiencing a trade surplus or a trade deficit?

1. c) Gross Domestic Product (GDP) = \$

1. a) Give an example of an activity that is not included in GDP estimates (a non-market

activity or an activity in the underground economy):

1. b) Is GDP designed to measure happiness? Discuss.

1. Suppose nominal GDP is equal to \$16,000 billion and the GDP Deflator is equal to 125; calculate real GDP, in billions of dollars.

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