Method to calculate GDP as C+I+G+(X-M)
Go to the US Department of Commerce's Bureau of Economic Analysis website located at http://www.bea.gov/index.htm. Use the website to find what the latest quarterly percentage change has been for any three of the five variables (C,I,G,X, or M). You will need to do some searching, reading, and thinking. There is a chart on the website that provides the information all in one place of you. For example, if you decide to use C as one of the three variables you know that C stands for consumption in the our textbook. You will need to search the website, read definitions of variables the government keeps data on and determine which best fits as a measure for C. Be sure to provide citations to identify the exact latest release you used.
Sample Solution