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Note: Figures are in billions of dollars

[tex]
\[
\begin{array}{|l|l|l|l|l|l|}
\hline
\multicolumn{1}{|c|}{\text{Year}} & \begin{array}{c} \text{Consumer} \\ \text{Spending} \end{array} & \begin{array}{c} \text{Investment} \\ \text{by Business} \end{array} & \begin{array}{c} \text{Government} \\ \text{Spending} \end{array} & \begin{array}{c} \text{Exports} \\ \text{Minus} \\ \text{Imports} \end{array} & \text{GDP} \\
\hline
2002 & \$7,384.1 & \$1,925.0 & \$2,094.9 & -426.5 & I \\
\hline
2006 & \$9,304.0 & \$2,680.6 & \$2,642.2 & -770.9 & \\
\hline
2010 & \$10,202.2 & \$2,100.8 & \$3,174.0 & -512.7 & \\
\hline
2014 & \$11,928.4 & \$2,855.8 & \$3,174.5 & -538.0 & \\
\hline
\end{array}
\]
[/tex]

Source: U.S. Government Publishing Office

Answer :

Certainly! Let's walk through the calculation process for determining the GDP based on the provided data.

GDP, or Gross Domestic Product, is calculated using the formula:
[tex]\[ \text{GDP} = \text{Consumer Spending} + \text{Investment by Business} + \text{Government Spending} + (\text{Exports} - \text{Imports}) \][/tex]

We have the necessary data for each year, and let's break down the GDP calculation for each year from the provided figures.

1. For the year 2002:
- Consumer Spending: \[tex]$7,384.1 billion
- Investment by Business: \$[/tex]1,925.0 billion
- Government Spending: \[tex]$2,094.9 billion
- Exports Minus Imports: -\$[/tex]426.5 billion

Using the formula:
[tex]\[
\text{GDP}_{2002} = 7384.1 + 1925.0 + 2094.9 - 426.5
\][/tex]
The GDP for 2002 would be \[tex]$10,977.5 billion.

2. For the year 2006:
- Consumer Spending: \$[/tex]9,304.0 billion
- Investment by Business: \[tex]$2,680.6 billion
- Government Spending: \$[/tex]2,642.2 billion
- Exports Minus Imports: -\[tex]$770.9 billion

Calculate the GDP:
\[
\text{GDP}_{2006} = 9304.0 + 2680.6 + 2642.2 - 770.9
\]
The GDP for 2006 is \$[/tex]13,855.9 billion.

3. For the year 2010:
- Consumer Spending: \[tex]$10,202.2 billion
- Investment by Business: \$[/tex]2,100.8 billion
- Government Spending: \[tex]$3,174.0 billion
- Exports Minus Imports: -\$[/tex]512.7 billion

Compute the GDP:
[tex]\[
\text{GDP}_{2010} = 10202.2 + 2100.8 + 3174.0 - 512.7
\][/tex]
The GDP for 2010 is \[tex]$14,964.3 billion.

4. For the year 2014:
- Consumer Spending: \$[/tex]11,928.4 billion
- Investment by Business: \[tex]$2,855.8 billion
- Government Spending: \$[/tex]3,174.5 billion
- Exports Minus Imports: -\[tex]$538.0 billion

Finding the GDP:
\[
\text{GDP}_{2014} = 11928.4 + 2855.8 + 3174.5 - 538.0
\]
The GDP for 2014 is \$[/tex]17,420.7 billion.

These calculations show how the GDP for each year is determined using the provided financial data, highlighting the components that contribute to the GDP totals for the respective years.

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