The following are national income account data for a hypothetical economy in billions of dollars: government purchases ($1130), personal consumption expenditures ($4800), imports ($370), exports ($240), and gross private domestic investment ($1150). Personal consumption expenditures are approximately what percentage of this economy?

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Business

Jayleen

21 May, 05:23

The following are national income account data for a hypothetical economy in billions of dollars: government purchases ($1130), personal consumption expenditures ($4800), imports ($370), exports ($240), and gross private domestic investment ($1150). Personal consumption expenditures are approximately what percentage of this economy?

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Answers (1)

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Nathen Buchanan · Answer 1

62.42%

Explanation:

The following are national income account data for a hypothetical economy in billions of dollars:

government purchases ($1130),

personal consumption expenditures ($4800),

imports ($370),

exports ($240),

and gross private domestic investment ($1150).

Personal consumption expenditures expressed as a percentage will be derived by dividing the amount of the expense by the total figure; and multiplying by 100:

[4800 / (1130 + 4800 + 370 + 240 + 1150) ] x 100 = 62.42%