Answer:
Net export of goods and services equals -$578.4 billion(its in negative)
While Gross Domestic Product is $19,485.4 billion
Explanation:
Formula for Gross Domestic Product (GDP) using expenditure approach is
C + I + G + (X-M)
where (X-M) is the net exports of goods and services.
C is consumption
I is Investment
G is government spending or purchases
X is the total exports
M is the total imports
The first question find net exports of goods and services
Net export = export (X) - import(M)
$2,350.2 - $2,928.6
= -$578.4 billion
The second question which is calculation of GDP is
$13,321.4 + $3,368.0 + $3,374.4 + $2,350.2 - $2,928.6
=$19,485.4
Net Exports of Goods and Services is -578.40 billion dollars and the Gross Domestic Product (GDP) is 19,485.40 billion dollars
Net export is export less import
Net export = exports – imports
When exports exceed import there is a trade deficit and net export will be negative.
When import exceeds import, there is a trade surplus and net export will be positive.
Net export = 2,350.2 - 2,928.6 = -578.40 billion dollars
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
13,321.4 + 3,368.0 + 3,374.4 -578.40 = 19,485.40 billion dollars
To learn more about Gross domestic product, please check : https://brainly.com/question/15899184?referrer=searchResults
