(Hint: the material reviewed in this question is covered in the Chapter Supplement.) Briefly…

Worksheet 9: Gross Domestic Product Last year, a small nation with abundant forests cut down $200 worth of trees. It then turned $100 worth of trees into $150 worth of lumber. It used $100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nation's GDP? In other words, what is the value of the final goods the nation produced including trees, lumber, and bookshelves? Show your work. In 2018, U.S. nominal GDP was $20.6 trillion (T). If personal consumption expenditures were $14 T, investment was $3.6 T, and government spending was $3.6 T, what was the value of net exports? (Hint: the U.S. imports a greater value of goods than it imports, so the value of net exports should be negative!)

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