Chapter 5—Gross Domestic Product
MULTIPLE CHOICE
1. Gross domestic product is equal to the market value of all final goods and services:
a.
exchanged during a period.
b.
produced domestically during a period.
c.
produced by the citizens of a nation during a period.
d.
produced domestically during a period minus the depreciation of productive assets.
2. Gross domestic product is the sum of the purchase price multiplied by the quantity of:
a.
goods and services exchanged during the period.
b.
final goods and services produced domestically during the period.
c.
goods and services produced domestically during the period minus the depreciation of
productive assets.
d.
final goods and services plus intermediate goods produced domestically during the period.
3. Which of the following is true?
a.
GDP is a “flow” concept.
b.
The purchase prices of both intermediate goods and final goods are included in GDP.
c.
GDP measures economic welfare.
d.
GDP is a measure of changes in the general level of prices.
4. Which one of the following transactions would be included in GDP?
a.
Ms. Kim pays $50 for a used picture frame at a neighborhood garage sale.
b.
Mr. Doe donates $500 to his town’s junior college scholarship fund.
c.
Ms. Bartolini pays $500 to fix the front end of her car damaged in a recent accident.
d.
Ms. Smith pays $5,000 to purchase 100 shares of Microsoft stock.
5. GDP is a measure of:
a.
domestic production.
c.
material well-being.
b.
changes in the general level of prices.
d.
social welfare.
6. The GDP of a country can be derived by summing the:
a.
expenditures on final goods and services produced domestically during the year.
b.
payments to employees and owners of capital resources and then subtracting depreciation
and indirect business taxes.
c.
market value of all goods and services produced domestically during the period and then
subtracting net exports from that figure.
d.
income payments to the resource suppliers and net exports.
7. Gross domestic product is officially measured by adding together the:
a.
quantity of each good and service produced by U.S. residents.
b.
market value of all final goods and services produced within the borders of a nation.
c.
quantity of goods and services produced by companies owned by U.S. citizens.
d.
none of these.
8. Which of the following would be counted as a final good for inclusion in GDP?
a.
A piece of glass bought this year by a consumer to fix a broken window.
b.
A sheet of glass produced this year by Ford for windows in a new car.
c.
A tire produced this year and sold to a car maker for a new car sold this year.
d.
None of these would be counted in GDP.
9. Which of the following items is included in the calculation of GDP?
a.
Purchase of 100 shares of General Motors stock.
b.
Purchase of a used car.
c.
The value of a homemaker’s services.
d.
Sale of Gulf War military surplus.
e.
None of these would be included.
10. Which of the following expenditures would not be included in GDP?
a.
Purchase of a new lawnmower.
b.
Purchase of a silver cup previously sold new in 1950.
c.
Purchase of a ticket to the latest movie.
d.
All of these would be counted in GDP.
11. Payments to households not in exchange for goods and services currently produced are:
a.
transfer payments.
c.
consumption expenditures.
b.
government purchases.
d.
investment expenditures.
12. Gross domestic product (GDP) includes:
a.
intermediate as well as final goods.
b.
foreign goods as well as domestically produced goods.
c.
used goods sold in the current time period.
d.
only final goods and services.
13. Which of the following expenditures would be included in GDP for this year?
a.
The purchase of a new car.
b.
The purchase of a new tire by General Motors for a new car.
c.
The purchase of a used car.
d.
All of these would be included.
14. Intermediate goods are goods and services used:
a.
by the ultimate user.
c.
as inputs.
b.
by state and local governments.
d.
both as inputs and final goods.
15. GDP measures the economy’s production of:
a.
final goods and services.
c.
consumer goods and services.
b.
intermediate goods.
d.
capital goods.
16. Which of the following purchases would be counted as a final good in the GDP calculation?
a.
A family’s purchase of a used car.
b.
A speculator’s purchase of 100 shares of Apple Computer stock.
c.
A deli’s purchase of bread for making its sandwiches.
d.
A business’s purchase of new office equipment.
17. GDP:
a.
is the dollar value of all the final goods and services produced within the borders of a
nation.
b.
includes intermediate and final goods and services.
c.
minus an allowance for depreciation of fixed capital equals GNP.
d.
is a less-than-perfect measure of social well-being because it does not include exports and
imports.
e.
all of these.
18. Gross domestic product (GDP) is defined as:
a.
the market value of all final goods and services produced within the borders of a nation.
b.
incomes received by all of a nation’s households.
c.
the quantity of each good and service produced by U.S. residents.
d.
none of these.
19. Gross domestic product (GDP) does not include:
a.
used goods sold in the current time period.
b.
foreign produced goods.
c.
intermediate as well as final goods.
d.
None of these would be included.
20. Payments to households not in exchange for goods and services currently produced are:
a.
transfer payments.
c.
consumption expenditures.
b.
government purchases.
d.
investment expenditures.
21. Personal consumption expenditures include:
a.
all commodities that business firms buy.
b.
the purchase prices paid for stocks and bonds by individual households.
c.
the construction of residential housing.
d.
all goods and services bought by households.
e.
the corrected value of housewives’ services.
22. Personal consumption expenditures:
a.
represent close to two-thirds of GDP.
b.
are equal to personal income minus individual taxes.
c.
include durable good purchases but not nondurable good purchases.
d.
do not include any intangible consumption items.
e.
include all goods and services bought by the government.
23. Gross private domestic investment or simply business investment spending (I):
a.
excludes all investment in the United States by foreign firms.
b.
includes all capital in the United States.
c.
includes net additions to the capital stock plus all new corporate stocks and bonds.
d.
includes business expenditures on new factories, tools, and machinery.
24. Net exports:
a.
will increase if exports of goods decline.
b.
will increase if imports of goods rise.
c.
in our GDP accounts permit estimation of foreign ownership of American businesses.
d.
include budgetary outlays of the federal government.
e.
is the net effect of the foreign trade sector on GDP.
25. The market value of all final goods and services in an economy produced by resources owned by
people of that economy is:
a.
personal income.
b.
national income.
c.
capital income.
d.
gross national product.
e.
gross domestic product.
26. Activities that are directly included in GDP accounts include:
a.
the value of housework done by householders.
b.
the selling of illegal drugs.
c.
unreported labor in sweatshops.
d.
buying a ticket to a Dodgers-Expos game on your day off.
27. Which of the following activities would be calculated as part of GDP accounts?
a.
Drug trafficking.
b.
Money laundry.
c.
Prostitution.
d.
Purchasing plastic surgery.
e.
Burglary.
28. The unreported or illegal production of goods and services in the economy that is not counted in GDP
is termed:
a.
money laundering.
b.
the underground economy.
c.
disposable personal income.
d.
indirect national income.
e.
unreported capital consumption.
29. GDP includes:
a.
the negative attributes from erosion and deforested landscape.
b.
all quality improvements resulting from higher quality goods replacing inferior goods.
c.
the cleaning-up expenses associated with pollution.
d.
the value of leisure time.
e.
the illegal activities related to the underground economy.
30. Consumption spending includes:
a.
durable goods, nondurable goods, and housing.
b.
durable goods, nondurable goods, and imports.
c.
durable goods, services, and housing.
d.
durable goods, nondurable goods, and services.
e.
nondurable goods, services, and housing.
31. When net exports are negative,
a.
exports are greater than investment.
b.
depreciation is greater than net investment.
c.
imports are greater than investment.
d.
exports are greater than imports.
e.
imports are greater than exports.
32. Depreciation or consumption of fixed capital depreciation measures:
a.
net investment less gross investment.
b.
the loss of productive ability due to capital intensive production.
c.
capital that is wasted in the production process.
d.
the value of existing capital stock used up in the production process.
e.
the decline in the value of inventories caused by inflation.
33. The largest component of household consumption spending is expenditures on:
a.
services.
b.
durable goods.
c.
nondurable goods.
d.
food.
e.
transportation.
34. The three components of personal consumption expenditures are:
a.
durable goods, nondurable goods, and services.
b.
durable goods, food, and housing.
c.
durable goods, nondurable goods, and housing.
d.
durable goods, services, and food.
e.
durable goods, services, and transportation.
35. Gross private domestic investment includes business:
a.
purchases of capital goods, all new construction, and purchases of consumer durable
goods.
b.
purchases of capital goods, all new construction, and inventory investment.
c.
purchases of capital goods, all new commercial construction, and inventory investment.
d.
purchases of capital goods, all new residential construction, and inventory investment.
e.
purchases of all types of durable goods, all new construction, and inventory investment.
36. Which of the following would be classified as a personal consumption expenditure?
a.
All of the following.
b.
Your purchase of a newly constructed house
c.
Your purchase of a preowned house.
d.
Your purchase of one share of Microsoft stock.
e.
Your purchase of this economics course.
37. The largest component of GDP is:
a.
personal consumption expenditures.
b.
government spending.
c.
durable goods.
d.
net exports.
e.
gross private domestic investment.
38. Gross domestic product is a measure of:
a.
market value of a nation’s capital assets (physical capital).
b.
expenditures on and sales revenues derived from all goods and services exchanged during
a period.
c.
market value of the output produced during a period.
d.
asset holdings of people and the happiness that they derived from the ownership of those
assets.
39. The portion of the four-sector circular flow model which shows the flow of funds from savers to
borrowers is the:
a.
product market.
c.
savings market.
b.
factor market.
d.
financial market.
40. The circular flow of economic activity is a model of the:
a.
flow of goods, resources, payments, and expenditures between the sectors of the economy.
b.
influence of government on business behavior.
c.
influence of business on consumers.
d.
role of unions and government in the economy.
41. The lower portion of the circular flow model contains factor markets in which households provide:
a.
labor, money, and machines.
b.
savings, spending, and investment.
c.
natural resources, labor, and capital.
d.
output of all final goods and services produced.
42. Based on the circular flow model, money flows from households to businesses in:
a.
factor markets.
c.
neither factor nor product markets.
b.
product markets.
d.
both factor and product markets.
43. Based on the circular flow model, goods and services flow from:
a.
households to businesses in product markets.
b.
businesses to households in product markets.
c.
households to businesses in factor markets.
d.
businesses to households in factor markets.
44. The circular flow model assumes:
a.
businesses and households own the factors of production.
b.
businesses own the factors of production.
c.
government owns the factors of production.
d.
households own the factors of production.
e.
firms, households, and the government own the factors of production.
45. The circular flow model represents the establishment of market value for:
a.
goods and services.
c.
profits and rents.
b.
wages and salaries.
d.
all of these.
46. The lower portion of the circular flow model contains factor markets in which households provide:
a.
output of all final goods and services produced.
b.
savings, spending, and investment.
c.
labor, money, and machines.
d.
none of these.
47. Economic values that are measured in units per period of time are referred to as:
a.
stocks.
c.
unit values.
b.
flows.
d.
dollars.
48. In the circular flow model,
a.
money flows from the firms to the households through the product market.
b.
money flows from the households to the firms through the product market.
c.
money flows from the households to the firms through the resource market.
d.
money flows from the households to the firms through both the product market and the
resource market.
e.
resources flow to the households from the firms through the product market.
49. Which one of the following is an example of the circular flow model and shows the interdependence of
households and firms?
a.
Households demand their resources from the firms in the factor markets and, in turn,
supply in the product market the goods and services produced by firms.
b.
The firms go to the resource market to supply resources that households demand and, in
turn, provide households with the goods and services produced for the product markets.
c.
Households supply their resources to the firms in the factor markets and, in turn, demand
in the product market the goods and services produced by the firms.
d.
The firms in the factor markets pay to households in the form of wages, interest, rent and
profit⎯for resources demanded.
e.
The circuit is completed when the payments flow from households, through the product
markets, and to the firms for the goods and services they demand.
50. Resources that flow through the circular flow model include all of the following except:
a.
land.
c.
capital.
b.
labor.
d.
final goods.
51. In the circular flow model, money flows from the business sector to the household sector through the:
a.
product market.
b.
capital market.
c.
goods market.
d.
services market.
e.
resource market.
52. Which one of the following statements is true?
a.
Money flows from households to firms for resources.
b.
Money flows from households to foreign economies for exports.
c.
Money flows from government to firms for resources.
d.
Money flows from foreign economies to firms for imports.
e.
Money flows from firms to households for resources.
53. Which one of the following statements is true in the four-sector circular model?
a.
Money flows from government to households for taxes.
b.
Money flows from foreign economies to households for exports.
c.
Money flows from government to firms for goods and services.
d.
Money flows from firms to foreign economies for exports.
e.
Money flows from households to foreign economies for resources.
54. Which one of the following statements is true?
a.
Resources flow from the government to households.
b.
Resources flow from firms to households.
c.
Taxes flow from firms to the government.
d.
Resource payments flow from firms to households
e.
Imports flow from firms to foreign economies.
55. Which one of the following statements is true?
a.
Resources flow from the government to firms.
b.
Taxes flow from foreign economies to the government.
c.
Goods and services flow from households to foreign economies.
d.
Resources flow from households to firms.
e.
Resource payments flow from households to the government.
56. In the four-sector circular flow model, households will use their incomes to do all but which one of the
following?
a.
Save.
b.
Pay taxes.
c.
Buy domestic goods and services.
d.
Buy imported goods and services.
e.
Invest.
Exhibit 5-1
Use the information below to answer the following question(s).
National income account
Billions of
dollars
Personal consumption expenditures
$900
Personal taxes
180
Government consumption and gross investment
300
Interest income
60
Exports
40
Imports
75
Depreciation
60
Gross investment
200
57. Refer to Exhibit 5-1. What is this country’s net exports?
a.
$35.
c.
$379.
b.
−$35.
d.
−$379.
58. Refer to Exhibit 5-1. What is this country’s gross domestic product?
a.
$1,225.
c.
$1,365.
b.
$1,305.
d.
$1,440.
59. The largest component of GDP as measured by the expenditure approach is:
a.
wages and salary earnings.
c.
net profits of corporations.
b.
personal consumption.
d.
gross private investment.
60. Which one of the following would count as investment in the GDP accounts?
a.
Purchase of a new airplane by an airline.
b.
Purchase of a U.S. government bond.
c.
Purchase of 100 shares of Wal-Mart stock.
d.
Purchase of an existing house.
61. Which of the following would be included in the government expenditures component of GDP?
a.
The export of 100 fighter jets to Japan
b.
Construction costs of a new public school building
c.
Food stamps used by the Smith family
d.
A $1,000 check issued by the federal government as part of the Pell Grant program to help
college students pay for school
62. Which of the following would count as an investment expenditure in the GDP expenditures approach?
a.
General Motors hires 10 electrical engineers.
b.
Boeing purchases a new metal stretching machine used to produce airplane wings.
c.
Ms. Quantum buys 100 shares of Microsoft stock.
d.
A large corporation spends $10,000 per month on long-distance phone charges.
63. GDP does count:
a.
state and local government purchases.
c.
changes in inventories.
b.
spending for new homes.
d.
none of the above.
64. Using the expenditure approach, total spending by households for durable goods, nondurable goods,
and services is a category called:
a.
gross private domestic investment.
c.
personal consumption expenditures.
b.
capital consumption allowance.
d.
household investment.
65. Using the expenditure approach, “gross private domestic investment” is the sum of:
a.
newly produced capital goods.
c.
changes in business inventories.
b.
fixed investment.
d.
all of these.
66. All final goods and services that make up GDP can be expressed in the form:
a.
GDP = C + I − G + (X + M).
b.
GDP = C + I + G + (X + M).
c.
GDP = C + I + G + (X − M).
d.
GDP = C + I + (X − M).
e.
GDP = C + I + G.
67. The expenditure approach to GDP accounting includes:
a.
wages and salaries.
b.
net exports.
c.
net interest.
d.
corporate profit.
e.
proprietors’ income.
68. The expenditure approach for the calculation of GDP includes spending on:
a.
consumption, investment, durable goods and exports.
b.
consumption, gross private domestic investment, government spending for goods and
services, and exports.
c.
consumption, gross private domestic investment, government spending for goods and
services, and net exports.
d.
consumption, net private domestic investment, government spending for goods and
services, and net exports.
e.
consumption, gross private domestic investment, all government spending including
transfer payments, and net exports.
69. Which one of the following is not a component of GDP, as measured using the expenditure approach?
a.
Personal consumption.
b.
Exports.
c.
Durable goods.
d.
Government spending.
e.
Interest.
70. Durable and nondurable goods and services lumped together in the expenditure approach to measuring
GDP are called:
a.
Personal consumption.
b.
Gross private domestic investment.
c.
Government spending.
d.
Inventory.
e.
Employee compensation.
71. Your purchase of a Gucci purse made in Italy would be classified as:
a.
both c and d
b.
an investment good.
c.
a durable good.
d.
an import.
e.
an export.
72. To construct GDP, exports:
a.
and imports must be subtracted.
b.
and imports must be included.
c.
must be included and imports must be ignored.
d.
must be included and imports must be subtracted.
73. If net exports are a negative number, then:
a.
we are not buying enough exports.
b.
we are buying too many exports.
c.
GDP will underestimated when measured using the expenditure approach.
d.
we are exporting more than we are importing.
e.
we are exporting less than we are importing.
74. Gross private domestic investment does not include:
a.
spending for new houses.
b.
spending to build up inventories.
c.
unintentional inventory investment.
d.
spending on employee salaries.
e.
spending for office supplies.
75. New residential housing is counted in GDP as a(n):
a.
durable consumption good.
b.
household durable good.
c.
investment good.
d.
inventory expansion.
e.
long-term durable good.
76. According to the expenditure approach, the largest component of GDP is:
a.
government spending.
b.
proprietor’s income.
c.
net interest.
d.
personal consumption expenditures.
e.
compensation of employees.
77. If you buy a brand new, American-made laptop computer to use for taking notes in your economics
class, then it will be counted as:
a.
none of the following.
b.
C.
c.
I.
d.
G.
e.
(X − M).
78. If you buy a book of U.S. postage stamps to use to mail love letters to your sweetheart, the purchase is
considered part of:
a.
C.
b.
I.
c.
G.
d.
X.
e.
M.
79. If you buy a commemorative Princess Diana stamp issued by the British government, the purchase is
considered part of:
a.
C.
b.
I.
c.
G.
d.
X.
e.
M.
80. If exports rise and imports fall, then:
a.
GDP will increase.
b.
GDP will decrease.
c.
GDP may remain unchanged.
d.
net exports will fall.
e.
transfer will rise.
81. Which of the following would not be included in the gross private domestic investment (I) category of
GDP?
a.
A bakery’s purchase of a new oven.
b.
A retailer’s additions to its inventories.
c.
Newly built residential construction.
d.
A bank’s purchase of a U.S. Treasury bond.
82. Which of the following would not be included in the government consumption expenditures and gross
investment (G) category of GDP?
a.
The payments made to Social Security recipients.
b.
The expenditures made to repair a highway.
c.
The spending for professors at state universities.
d.
The purchase of new china for White House functions.
83. Using the expenditure approach, GDP equals:
a.
C + I + G + (X − M).
c.
C + I − G + (X − M).
b.
C + I + G + (X + M).
d.
C + I + G − (X − M).
84. As shown in Exhibit 5-2, total expenditures by households for domestically produced goods is:
a.
$500 billion.
c.
$300 billion.
b.
$50 billion.
d.
$15 billion.
85. As shown in Exhibit 5-2, total expenditures by businesses for fixed investment and inventories is:
a.
$500 billion.
b.
$50 billion.
c.
$200 billion.
d.
$15 billion.
e.
$65 billion.
86. As shown in Exhibit 5-2, total spending by government is:
a.
$600 billion.
b.
$100 billion.
c.
$200 billion.
d.
$300 billion.
e.
$800 billion.
87. As shown in Exhibit 5-2, net exports are:
a.
$50 billion.
c.
$35 billion.
b.
$15 billion.
d.
$65 billion.
88. Using the expenditure approach in Exhibit 5-2, gross domestic product (GDP) is:
a.
$600 billion.
b.
$100 billion.
c.
$500 billion.
d.
$915 billion.
e.
$800 billion.
Exhibit 5-3 Expenditure approach
National income account
Billions of
dollars
Personal consumption expenditures (C)
$1,000
Exports (X)
120
Federal government spending (G)
200
State and local government spending (G)
400
Imports (M)
20
Gross private domestic investment (I)
75
89. As shown in Exhibit 5-3, total expenditures by households for domestically produced goods is:
a.
$1,000 billion.
c.
$600 billion.
b.
$100 billion.
d.
$20 billion.
90. As shown in Exhibit 5-3, total expenditures by businesses for fixed investment (capital) and
inventories is:
a.
$1,000 billion.
b.
$100 billion.
c.
$400 billion.
d.
$20 billion
e.
$75 billion.
91. As shown in Exhibit 5-3, net exports is:
a.
$75 billion.
c.
$20 billion.
b.
$100 billion.
d.
$120 billion.
92. As shown in Exhibit 5-3, using the expenditure approach, GDP is:
a.
$1,000 billion.
c.
$1,775 billion.
b.
$1,500 billion.
d.
$2,000 billion.
93. The Department of Commerce sums the payments made to resources to arrive at GDP in the form of
wages, rents, interest, profits, indirect taxes, and depreciation. This method of deriving GDP is called
the:
a.
opportunity cost approach.
c.
expenditure approach.
b.
income approach.
d.
monetarist approach.
94. Using the income approach, the largest component in the calculation of GDP is:
a.
net interest.
c.
profits.
b.
rental income.
d.
compensation of employees.
95. Using the income approach, the smallest component in the calculation of GDP is:
a.
net interest.
c.
profits.
b.
rental income.
d.
compensation of employees.
96. Using the income approach, an estimate of the value of capital worn out producing GDP is:
a.
indirect business taxes.
b.
capital consumption allowance or depreciation.
c.
gross private domestic investment.
d.
capital erosion estimate.
97. Using the income approach, an indirect business tax is a(n):
a.
sales tax.
c.
license fee.
b.
excise tax.
d.
all of these.
98. Taxes collected by businesses and sent to the government are:
a.
indirect business taxes.
c.
corporate income taxes.
b.
direct business taxes.
d.
personal income taxes.
99. When GDP is measured as the total payments made to households that furnish the resources used to
produce the final goods and services, it is known as:
a.
the income approach.
b.
the expenditure approach.
c.
the depreciation approach.
d.
the aggregate demand approach.
e.
net national product.
100. More than 70 percent of national income can be attributed to:
a.
compensation of employees.
b.
rental income.
c.
corporate profit.
d.
net interest.
e.
proprietors’ income.
101. Compensation of employees:
a.
excludes the monetary value of fringe benefits.
b.
excludes paid vacations.
c.
is the largest component of GDP.
d.
excludes contributions to employees’ Social Security.
e.
includes rental income.
102. Using the income approach, general sales taxes, excise taxes, customs duties, business property taxes,
and license fees are termed:
a.
indirect business taxes.
b.
regressive taxes.
c.
disproportionate taxes.
d.
capital depreciation.
e.
progressive taxes.
103. To calculate GDP using the income approach, add:
a.
indirect business taxes and Social Security taxes.
b.
capital depreciation and Social Security taxes.
c.
indirect business taxes and personal taxes.
d.
indirect business taxes and depreciation.
e.
compensation of employees, rents, profits, net interest, indirect business taxes, and
depreciation.
104. The income approach to measuring GDP includes:
a.
compensation for employees, net interest, rent, net profits, and indirect business taxes and
depreciation.
b.
compensation for employees, net interest, rent, corporate profit, and transfer payments.
c.
compensation for employees, net interest, rent, and indirect business taxes.
d.
compensation for employees, net interest, rent, corporate profits, and capital depreciation.
e.
compensation for employees, rent, corporate profits, proprietors’ income, and transfer
payments.
105. Using the income approach, indirect business taxes have to be added to get gross domestic product
because the:
a.
selling price of a product includes these taxes, which are income to the government
representing the public interest of households.
b.
selling price of a product includes these taxes, which are resource payments.
c.
selling price of a product excludes these taxes and therefore they have to be added.
d.
selling price includes these taxes which are actually not income to any sector of the
economy.
106. Using the income approach, the largest portion of GDP is:
a.
employee compensation.
b.
net interest.
c.
rent.
d.
profits.
e.
depreciation.
107. According to the income approach, the largest component of national income is:
a.
government spending.
b.
proprietor’s income.
c.
net interest.
d.
personal consumption expenditures.
e.
compensation of employees.
108. Which approach to calculating GDP is computed using compensation of employees, rental income,
profits, net interest, indirect business taxes, and depreciation?
a.
The expenditure approach.
c.
The product-market approach.
b.
The income approach.
d.
The circular-flow approach.
Exhibit 5-4 Gross domestic product data
National income account
Billions of
dollars
Depreciation
$ 800
Net interest
1,500
Compensation of employees
4,000
Profits
1,000
Rental income
100
Indirect business taxes
600
Social Security payments
1,000
109. As shown in Exhibit 5-4, using the income approach, gross domestic product (GDP) is:
a.
$9,000 billion.
c.
$7,400 billion.
b.
$6,600 billion.
d.
$8,000 billion.