Answered

Using the information below, determine what percentage of total GDP for this country consists of durable goods. Round your answer to the nearest tenth.

Components of GDP on the Supply Side (in trillions of dollars)

\begin{tabular}{|l|c|}
\hline Durable goods & 3.21 \\
\hline Nondurable goods & 2.55 \\
\hline Services & 11.12 \\
\hline Structures & 1.76 \\
\hline Change in inventories & 0.56 \\
\hline Total & [tex]$?$[/tex] \\
\hline
\end{tabular}

Provide your answer below:

\%



Answer :

GinnyAnswer
To determine what percentage of the total GDP consists of durable goods, we need to follow these steps:

1. Calculate the Total GDP:
Add up all the components of GDP to find the total GDP.
- Durable goods: \[tex]$3.21 trillion - Nondurable goods: \$[/tex]2.55 trillion
- Services: \[tex]$11.12 trillion - Structures: \$[/tex]1.76 trillion
- Change in inventories: \[tex]$0.56 trillion Total GDP = 3.21 + 2.55 + 11.12 + 1.76 + 0.56 = \$[/tex]19.2 trillion

2. Calculate the Percentage of GDP for Durable Goods:
Use the formula for percentage:
[tex]\[ \text{Percentage of GDP for Durable Goods} = \left( \frac{\text{Durable Goods}}{\text{Total GDP}} \right) \times 100 \][/tex]

[tex]\[ \text{Percentage of GDP for Durable Goods} = \left( \frac{3.21}{19.2} \right) \times 100 = 16.71875\% \][/tex]

3. Round the Answer to the Nearest Tenth:
Look at the hundredth place value to determine if we round up or down. The hundredth place in 16.71875 is '1', hence we round down:

Rounded Percentage = 16.7%

Thus, the percentage of the total GDP that consists of durable goods is:
[tex]\[ 16.7\% \][/tex]

Other Questions