Reference no: EM131251945

Suppose in the year 2015, people spent $1000 on durable goods, $600 on non-durable goods, and $400 on services. During the same year, the government paid $800 to soldiers and police officers, spent $400 building missiles and highways, and spent $600 on welfare and Social Security payments. During this year the United States had imports totaling up to $500 while exporting $300 worth of goods and services. Finally, firms spent $600 on machines that will increase their productive capacity and raised the amount of goods and services in their inventories from $300 at the beginning of the year to $700 at the end of the year.

Please calculate each component of GDP (Consumption, Investment, Government Expenditures, and Net Exports) as well as the Total GDP for the year 2015.