In 2020, the GDP of the United States was $18.43 trillion. (All figures are in terms of constant 2012 dollars.) In that year, private consumption was $12.73 trillion, investment was $3.26 trillion, and government expenditure was $3.34 trillion. Based on the fundamental macroeconomic identity, how large was the US trade deficit?
Module 2 Quiz QUESTION 1 Historically, in nearly all years since 1929 private investment in the United States has been a. more than 60 percent of GDP. b. no more than 10 percent of GDP. c. between 20 to 30 percent of GDP. d. less than or equal to 20 percent of GDP. QUESTION 2 […]