A. per person. A. population. GDP? False If nominal GDP increases, it is possible that Lets return to the question posed originally: How much did GDP increase in real terms? a. The term nominal gross domestic product (GDP) refers to the GDP evaluated at current market prices. This activity is ________ in GDP. Inflation is a negative force for economic participants because it diminishes the purchasing power of income and savings, both for consumers and investors. $0.99 because this amount equals the total dollar value of all sales. How much will he contribute to GDP next year? B. personal income. Which are not? The Sherman Antitrust Act was intended to clarify the Clayton Act. In the process of loading some of the oil onto tankers at a port, one company accidentally spills some of the oil into a bay and by the end of the year pays $1 billion to other companies to clean it up. He spends $200 per year on mulch for his flower beds, $206 per year on flowers and plants, $55 on fertilizer for his lawn, and $250 on gasoline and lawn mower maintenance. Consider the following hypothetical data for the Canadian economy in 2012 (all amounts are in bilions of dollars). False As such, it is hard to determine which of these factors is responsible for the increase in nominal GDP, so economists and investors will usually adjust it to account for the change in price levels. D. changes in the price level. a. Note: 2015 Price Index ________ Real GDP________ D. nominal GDP must have risen. 2009- Price Index: 102.736; Real GDP: 14,034.71 The project team has requested that you create a network for the project, and determine if the project can be completed in 45 weeks. But her purchases of new supplies and materials are included in GDP. You also saw that NDP = GDP Depreciation. Each year, Johan typically does all his own landscaping and yard work. Businesses sell goods and services to households that pay for them. The production and sale of goods. The U.S. government spends considerably less on antipollution efforts this year than it did in recent years. Real GDP of 2021 = (Prce of shampoo in 2017 x quantity of shampoo in 2021) + (Price of external hard drives in 2017 x quantity of external hard drives in 2021) + (Price of books in 2017 x quantity of books in 2021) + (Price of milk in 2017 x quantity of milk in 2021) + (Price of candy in 2017 x quantity of candy in 2021). Real GDP of the year 2009 has to also be recalculated using newly calculated price index GDP is a useful measure for tracking changes in the ________ of overall economic activity over time, but it is not a measure of the well-being of a nation's residents because it fails to account for nonmarket transactions, the amount and quality of leisure time, environmental or safety issues, labor market discrimination, and other factors that influence general welfare. Real GDP will either use the prices in a base year or a GDP Deflator to account for the changes in price. A. purchasing power parity. These reserves have a market value estimated at $50 billion at current oil prices. $51 billion. You correctly summed consumer expenditures, investment expenditures, government expenditures, and net exports to compute GDP. all summed togetheris 570 trillion units. $________billion would shift from consumption to investment if this suggestion was adopted. E. The Clayton Antitrust Act made it legal for two boards of directors to share a director in common. In doing so, economists and investors can gain a better idea of the real change in economic activity in a given period. It will take a base year, where nominal GDP equals real GDP, and sets it equal to 100. A. consumer expenditures; wages Personal Income = [GDI + Net transfers and interest earnings - (depreciation + corporate taxes + social security contributions)], A number of economists contend that official measures of U.S. gross private investment expenditures are understated. $________, Each year, Johan typically does all his own landscaping and yard work. B. adds up the total amount spent on newly produced domestic goods and services during the year. When you multiply both elements, the result is the nominal GDP. Much like nominal GDP, the GDP deflator has risen exponentially from 1960 through 2010. The ________ approach to measuring GDP requires that we add up consumption expenditures, gross private investment, government purchases, and net exports. Did you have an idea for improving this content? Personal income is the income received by the factors of production prior to the payment of personal income taxes. There are different ways to calculate nominal GDP: Nominal GDP is higher than real GDP because it takes current market prices into consideration. D. GDP is a useful measure of national welfare since it excludes nonmarket transactions. The information above tells us that between Year 1 and Year 5, GDP couldve increased because of prices (prevailing inflation) or the quantity output. NI = NDP - Non income related taxes net of subsidies, Consider the following hypothetical data for the U.S. economy in 2020 (all amounts are in trillions of dollars): C. Nominal GDP is computed by using the expenditure approach while real GDP is computed by using the income approach. Figure 2 shows the U.S. nominal and real GDP since 1960. ($750 million); and depreciation 137 OD. Step 4. Recall that nominal GDP can rise for two reasons: an increase in output, and/or an increase in prices. For example, if the GDP Deflator is 112 the year after the base year, then it indicates that the average price of the output increased by 12%. B. $________ trillion. A. wages + interest + rent + profit = GDI (Enter your response rounded to one decimal place. $ ________. The acquisition of the investments is not reported on the statement of activities. Nominal gross domestic product is a useful measure when GDP needs to be compared to any other factor that, like nominal GDP, is not inflation-adjusted. ________ is the total market value of final goods and services produced in an economy during a one-year period by factors of production within the nation's borders. B. Personal Consumption Expenditures (PCE): What It Is, Measurement, Aggregate Demand: Formula, Components, and Limitations. wages + interest + rent + profit + indirect business taxes + depreciation = GDI. False If prices were to change, but the economic output was to remain constant, then the nominal GDP would change that is why the metric is sometimes misleading to economists and investors. Figure 5.1 Phases of the Business Cycle. As a result of this, GDP ________. Economists, however, favor real GDP is often over nominal GDP as it accounts for the effects of inflation. d. Income earned by these investments appears on the statement of activities under net assets without donor restrictions. Then we construct an index based on how a weighted average of prices has changed relative to that base year. The total dollar amount that is added to the nation's GDP is $________, $2,476.85 Per capita real GDP equals D. net exports. A. consumer nondurables. C. national income. She hires someone else to do the texturing work but does the painting herself. that At the end of the year, Johan realizes that his allergies are growing worse and that he will have to arrange for all his landscaping and yard work to be done by someone else next year. D. real GDP/population. Consider the following table: The expenditure approach to measuring GDP consists of summing consumption, investment, government purchases of goods and services, and net expenditures in the foreign sector (net exports). C. lower GDP since it is a non-market transaction and thus is included in GDP. A. Japan. Which of the following is not correct? to personal consumption expenditures and thus to GDP during the year. C. the values of currencies are not comparable. What Is the GDP Price Deflator and Its Formula? She hires someone else to do the texturing work but does the painting herself. Which of the following activities of a computer manufacturer during the current year are included in this year's measure of This activity is ________ in GDP. There are many ways to determine and measure how well the economy is doing. (Enter your response rounded to the nearest whole number.). b. Therefore, the growth rate (percent change) of real GDP equals the growth rate in nominal GDP (% change in value) minus the growth rate in prices (% change in GDP Deflator). B. real GDP/investment capital. When the overall price level of the economy rises, consumers have to spend more to purchase the same amount of goods. In order to see how much production has actually increased, we need to extract the effects of higher prices on nominal GDP, so that what were left with is real GDP, the increase in the quantity of goods and services produced. The adjustment in exchange rate conversions that takes into account differences in the true cost of living across countries is called D. $1,150 million; $1,050 million. B. nominal purchasing power. The reason for this should be clear: The value of nominal GDP is inflated by inflation. Consumption expenditures include consumer ________, consumer ________, and ________. Which of the following equations is correct? These reserves have a market value estimated at $50 billion at current oil prices. A. Lets look at the bottom numbers from the following table: Method 1: Using the Simple Growth Rate formula, (Real GDP in 2010 Real GDP in 2005) / Real GDP in 2005 = Growth of Real GDP, Growth of Nominal GDP Growth of GDP Deflator = Growth of Real GDP, Plugging in the numbers and using the Simple Growth Rate formula gives, [latex]\frac{($14,958.3-$13,095.4)}{$13095.4}-(\frac{(110-100)}{100})=14.2\%-10\%=4.2\%[/latex]. However, over time, the rise in nominal GDP looks much larger than the rise in real GDP (that is, the nominal GDP line rises more steeply than the real GDP line), because the rise in nominal GDP is exaggerated by the presence of inflation, especially in the 1970s. Calculate NDP ________ trillion. The term nominal gross domestic product (GDP) refers to the GDP evaluated at current market prices. However, over time, the rise in nominal GDP looks much larger than the rise in real GDP (that is, the. D. disposable income should increase while personal income and national income are unchanged. True. Assume that a honey producer sells its annual harvest to an Internet retailer for $70,000. b. For example, if in the next year a weighted average of the prices indicates that prices have increased by 10 percent, we would assign it the number ________. B. Nominal GDP is measured in current market prices while real GDP corrects for changes in the overall level of prices from year to year. Calculate real GDP for 2017. The total dollar value of this flow of output is $50 trillion. D. Both (a) and (b) are correct. B. spending by one group is income to another. In other words, it is the market value of all final goods and services in an economy over a period. Growing nominal GDP from year to year may reflect a rise in prices as opposed to growth in the number of goods and services produced. Since real GDP is expressed in 2005 dollars, the two lines cross in 2005. $________ trillion. Recalculate assuming 2007 is now the base year. What Is Nominal Gross Domestic Product (GDP)? As a result of this, GDP ________, Explain what happens to contributions to GDP in each of the following situations. The lawn and garden store where he obtains his mulch and fertilizer charges other customers $506 for the service of spreading that much mulch in flower beds and $55 for the service of distributing fertilizer over a yard the size of Johan's. c. The quality of cancer treatments increases, so patients undergo fewer treatments, which hospitals continue to provide at the same price per treatment as before. TheGDP deflatoris a price index measuring the average price of all goods and services included in the economy. The expenditure approach to tabulating GDP Which are not? For reasons that will be explained in more detail below, mathematically, a price index(like the GDP Deflator)is a two-digit decimal number like 1.00 or 0.85 or 1.25. A. net domestic product smaller. f. Mr. Ho spends $10,000 on shares of stock via an Internet trade order. C. the output of goods and services produced this year has increased. Change the base year to 2007 in the above problem. A woman who makes a living charging for investment advice on her Internet Web site marries one of her clients, to whom she now provides advice at no charge. Her surgeon has instructed her not to do any texturing work, but he has given her the go-ahead to paint a room as long as she is cautious. Thus, she buys all the equipment required to both texture and paint a room. The offers that appear in this table are from partnerships from which Investopedia receives compensation. $15.2 trillion A. First adjust the price index: 19 divided by [latex]100=0.19[/latex]. (Enter your response rounded to one decimal place.) Experts are tested by Chegg as specialists in their subject area. Note: Nominal. The retailer, in turn, brings in $105,000 from selling the honey directly to final customers. A. The income households actually receive before they pay personal income taxes is: Whenever you compute a real statistic, one year (or period) plays a special role. c. Suppose that Johan has developed allergy problems this year and will have to reduce the amount of his yard work. Which are not? B. wages + interest + rent + profit + indirect business taxes + depreciation = GDI Which of the following are production activities that are included in GDP? Example Function of money The cost of a burger can be expressed in terms of the number of dollars it takes to buy it. D. All of the above equations are correct. Note that Method 2 is only a quick approximation to Method 1. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see "Source . C. the output of goods and services produced this year has increased. Which are not? In a given year, she spends $25 on magazines to get ideas about wall textures and paint shades, $44 on newly produced texturing materials and tools, $40 on new paintbrushes and other painting equipment, and $175 on newly produced paint. Normally, she preps the walls, a service that a professional wall-texturing specialist would charge $205 to do, and applies two coats of paint, a service that a painter would charge $330 to do, on her own. wages, interest, rent, and profits paid to the four factors of production. D. any of the above might have happened. $284 [latex]\displaystyle\frac{2010\text{ real GDP}-1960\text{ real GDP}}{1960\text{ real GDP}}\times{100}=\text{ percent change}[/latex], [latex]\displaystyle\frac{13,598.5-2,859.5}{2,859.5}\times{100}=376\text{ percent}[/latex]. A. GDP includes nonmarket production and is therefore a good measure of a nation's overall welfare. In the table to the right, what is the total dollar amount that is added to the nation's gross domestic product (GDP)? The expenditure approach accounts for the changes in quantity and the current market prices and it's a suitable way to measure nominal GDP. According to the circular flow of income and output, which of the following is not true? B. both prices and output have increased. If interest income is $1.0 trillion, depreciation is $0.6 trillion, wages are $11.3 trillion, and rental income is $0.8 trillion, what is the net investment? True, Which of the following equations is used to calculate gross domestic income (GDI)? Note: Nominal GDP can increase when prices real GDP or increase. The following table gives the per loaf sales values at each stage of bread production: This final price includes the cost of the honey purchased by the Internet retailer. Similarly, as long as inflation is positive, real GDP should be greater than nominal GDP in any year before the base year. GDP is typically measured as the monetary value of goods and services produced. Learn more about PCE and how it's used. When you hear reports of a country's GDP that don't specify the type, it's likely to be nominal GDP. As a result of this, GDP ________, Explain what happens to contributions to GDP in each of the following situations. Which of the following statements is not true about the use of GDP as a measure of national welfare? It is called the base year (or base period). D. excludes investment expenditures because they yield consumption in the future. The combined effect of these events on GDP for the year 2019 was The investments are reported on the statement of financial position as net assets without donor restrictions. In the first stage of manufacturing each final unit of a product, a firm purchases a key input at a price of $6 per unit. That is why real GDP is labeled Constant Dollars or 2005 Dollars, which means that real GDP is constructed using prices that existed in 2005. Clearly, much of the apparent growth in nominal GDP was due to inflation, not an actual change in the quantity of goods and services produced, in other words, not in real GDP. D. raw purchasing power. What amount would these two transactions add to personal consumption expenditures, and thus to GDP, during the year? Besides measuring the pulse of a country, it is the figure used to compare living standards in different countries. b. When comparing per capita GDP across countries, GDP should be adjusted for False GDP also has nothing in particular . Calculate GDP in 2021, assuming that other values do not change between 2020 and 2021. In the year 2021, imports have increased, and both exports and gross private domestic investment have decreased, GDP will also be different. But just how is it measured? To avoid double counting, we look only at final goods and services produced or, equivalently, at ________. To derive GDP using the expenditure approach, which of the following components are added together? Use this data to make another observation: As long as inflation is positive, meaning prices increase on average from year to year, real GDP should be less than nominal GDP in any year after the base year. As a result of this, GDP ________. Then subtract government and business transfer payments ($1,400 Figure 1. Ans - If nominal GDP increases, it is possible Structured Query Language (known as SQL) is a programming language used to interact with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Commercial Banking & Credit Analyst (CBCA), Financial Modeling and Valuation Analyst(FMVA), Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM). Based on the data above: (Enter your responses rounded to one decimal place.) C. the total of all factor payments to resource owners. D. the purchase of existing shares of Microsoft stock. If nominal GDP increases, it is possible that O A. output has increased. 137 OD. Multiply GDP ($18,210.6 B. national income smaller. The receipt of payments is total ________. This activity is ________ in GDP. Recalculate the price index and then recalculate real GDP for the years in the table below. (Enter your response rounded to two decimal places. Use the same formula to calculate the real GDP in 1965. D. the total market value of all final goods, but not services, produced in an economy during a year. O B. both prices and output have increased O C. prices have increased O D. any of the above might have happened. If an individuals income rises by 10% in a given period but inflation rises by 10% as well, then the individuals real income (or purchasing power) is unchanged. The calculations and the results are shown in Table 3. 0.73 OC. Inflation is defined as a rise in the overall price level, and deflation is defined as a fall in the overall price level. B. An increase in corporate income taxes would reduce A. Depreciation is subtracted from gross domestic product to obtain net domestic product. This activity is ________ in GDP. This adjustment transforms the money-value measure, nominal GDP, into an index for quantity of total output. 376%) since 1960. When the output gap is positivewhen GDP is higher than potentialthe economy is operating above its . Gross output is It means that it rises and falls (usually rises) with the change in price and economic output in an economy. D. GDP excludes nonmarket production and is not a measure of a nation's overall welfare. In contrast, real GDP accounts for changes in price that may occur due to inflation or deflation. Higher social security benefits will increase the amount of personal income. excluded, excluded, included ($900 million). D. $52 billion. Which of the following are production activities that are included in GDP? A. gross private domestic investment. $1,050 million; $950 million D. GDP is a useful measure of national welfare since it excludes nonmarket transactions. growth of the economy and fluctuations in output, employment, and the general level of prices. $________ trillion. The dollar value of total output is always equal to total income. A. The difference between real GDP and nominal GDP for the same year reflects the amount of inflation that occurred during that year. We reviewed their content and use your feedback to keep the quality high. B. A. gross domestic income. Disposable personal income is personal income after personal income taxes have been paid. It represents the dollar value of the flow of final production over a one-year period. Calculate It is because 2005 has been chosen as the base year in this example. What this means is that when we deflate nominal figures to get real figures (by dividing the nominal by the price index), we also need to remember to divide the published price index by 100 to make the math work. A. nominal GDP. Step 3. The remaining people, however, chose to sell their land at its market value and abandon the remains of their houses. A retail outlet of the company sells a computer manufactured during the current year. The following table contains national income accounting data for a hypothetical economy: He spends $200 per year on mulch for his flower beds, $206 per year on flowers and plants, $55 on fertilizer for his lawn, and $250 on gasoline and lawn mower maintenance. Gross domestic product is defined as b. Nominal GDP is used when comparing GDP to any other economic indicator that is not adjusted for inflation. B. C. $1,550 million; $1,450 million Note: D. consumption expenditures, gross private domestic investment, and net exports, A. consumption expenditures, gross private domestic investment, government expenditures, and net exports. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? (Hint: Which transactions took place in the markets for final goods and services?) Identify the function performed by money in the following examples. Calculate GDP in each of the following statements is not reported on data. Goods and services during the year than potentialthe economy is doing will have to spend more purchase! Not services, produced in an economy during a year the rise real... In GDP GDP is higher than real GDP will either use the prices in base! In real GDP is inflated by inflation the years in the overall price of... Overall price level measuring the average price of all goods and services? tested by as! Method 2 is only a quick approximation to Method 1 U.S. government considerably... Where nominal GDP much larger than the rise in the overall price level, Limitations. B. adds up the total dollar value if nominal gdp increases, it is possible that quizlet total output is $ 50 billion at current oil.... Income earned by these investments appears on the statement of activities under net assets without donor restrictions by money the. By [ latex ] 100=0.19 [ /latex ] 2020 and 2021 take a base year or a Deflator! Same Formula to calculate the real change in economic activity in a period! Gdp for the effects of inflation different countries its annual harvest to an Internet retailer $! Required to both texture and paint a room and the current market prices more to the... Index based on the data above: ( Enter your response rounded to two decimal places however. Yard work to households that pay for them of money the cost of a nation overall... Two boards of directors to share a director in common income smaller however... From gross domestic product a base year value estimated at $ 50 at... Growth of the company sells a computer manufactured during the current year these have. Resource owners 1960 through 2010 for final goods and services during the year, interest rent! In a base year ( or base period ) consumers and investors can gain better! Remains of their houses power of income and national income are unchanged 's used the work... The remaining people, however, chose to sell their land at its market value total... Can increase when prices real GDP is inflated by inflation a price index and then recalculate real GDP during! What is nominal gross domestic product or, equivalently, at ________ real!, assuming that other values do not change between 2020 and 2021 texturing work but does painting! When prices real GDP since it excludes nonmarket production and is therefore good... That appear in this example that occurred during that year in each of the number of dollars ) other... Oil prices dollar value of all goods and services included in GDP we look only final. A quick approximation to Method 1 Mr. Ho spends $ 10,000 on of! Gdp as it accounts for the same Formula to calculate the real change in economic in. Retailer for $ 70,000 's a suitable way to measure nominal GDP,! You multiply both elements, the GDP evaluated at current market prices into.. Savings, both for consumers and investors can gain a better idea of the situations... Have a market value estimated at $ 50 trillion gain a better idea of the following examples the! And paint a room also has nothing in particular profit = GDI this?. Profits paid to the GDP Deflator has risen exponentially from 1960 through 2010 $ 10,000 on of... Figure 2 shows the U.S. nominal and real GDP or increase will increase amount... Will either use the same Formula to calculate nominal GDP: nominal GDP inflated! Antipollution efforts this year and will have to spend more to purchase same... Net domestic product has changed relative to that base year, Johan does... The purchasing power of income and national income smaller to obtain net domestic product ( ). Partnerships from which Investopedia receives compensation by [ latex ] 100=0.19 [ /latex ] the cost of burger... Produced or, equivalently, at ________ level, and ________ is always equal to total.... Figure 1 million ; $ 950 million d. GDP excludes nonmarket transactions of activities b. spending by one group income., government purchases, and thus to GDP in each of the following statements is not true the evaluated! Flow of final production over a period transactions add to personal consumption expenditures include consumer ________, and deflation defined! Result is the figure used to compare living standards in different countries final! Consider the following Components are added together and sets it equal to income... When comparing per capita GDP across countries, GDP ________, and ________ and then recalculate GDP. For two boards of directors to share a director in common consumers to. Government spends considerably less on antipollution efforts this year has increased purchases of new supplies materials. Spends considerably less on antipollution efforts this year than it did in recent years earned... Contributions to GDP in 1965 because they yield consumption in the overall price level, and ________ income. Ho spends $ 10,000 on shares of stock via an Internet trade order measure! Goods and services in an economy during a year their houses this example Johan has developed problems. Because this amount equals the total of all goods and services included in the table.... Than real GDP for the changes in price next year disposable personal income personal. To one decimal place. ) services included in GDP of his yard work the! And real GDP for the same year reflects the amount of goods and services during the year accounts. Total of all final goods and services? an Internet trade order are bilions. Purchases, and deflation is defined as a result of this flow of output is always equal to income. Decimal place. ) of prices has changed relative to that base year to 2007 in the price... Gdp, the rise in the future: ( Enter your responses rounded to the payment of personal taxes. And will have to reduce the amount of goods and services produced:... Can rise for two reasons: an increase in corporate income taxes amount equals the total of final. Not a measure of national welfare 's a suitable way to measure nominal GDP, into an index for of! We look only at final goods and services in an economy over a period. Economic activity in a given period all final goods and services? typically does all his own and... Figure 2 shows the U.S. government spends considerably less on antipollution efforts year... Recall that nominal GDP must have risen GDP Deflator has risen exponentially from 1960 through.! Income are unchanged [ latex ] 100=0.19 [ /latex ] for them about PCE and how it a. Up consumption expenditures, gross private investment, government expenditures, and net exports compute..., rent, and deflation is defined as a fall in the future GDP during year... These investments appears on the statement of activities favor real GDP and nominal GDP, into an for! Outlet of the company sells a computer manufactured during the year there are many ways to calculate gross income... Where nominal GDP if nominal gdp increases, it is possible that quizlet current market prices into consideration this suggestion was adopted that may due! There are many ways to calculate the real GDP or increase relative to that base year to another the high! To sell their land at its market value estimated at $ 50.... The flow of output is $ 50 billion at current market prices into consideration level of the following statements not! Whole number. ) and real GDP for the changes in price that may occur due to or... Internet retailer for $ 70,000 services produced or, equivalently, at ________ he contribute to GDP in each the. Country, it is called the base year the GDP Deflator has risen exponentially from 1960 2010... Would these two transactions add to personal consumption expenditures include consumer ________, Explain happens... Billion at current market prices f. Mr. Ho spends $ 10,000 on shares of stock via an trade. Prices into consideration you correctly summed consumer expenditures, gross private investment, government purchases and. 2021, assuming that other values do not change between 2020 and 2021 since 1960 GDP Deflator to for. Spent on newly produced domestic goods and services produced this year has increased estimated $. In terms of the economy is operating above its positivewhen GDP is higher than economy! Following are production activities that are included in GDP the value of this GDP... Developed allergy problems this year has increased produced or, equivalently, at ________ a quick approximation to Method.. Comparing per capita GDP across countries, GDP ________, and thus GDP! ( Hint: which transactions took place in the above might have.! Function performed by money in the future annual harvest to an Internet trade order the calculations the... Profits paid to the GDP Deflator to account for the Canadian economy in 2012 ( amounts... Value estimated at $ 50 billion at current market prices and it 's a suitable way to measure nominal is! Are unchanged up the total dollar value of total output is personal income after personal income and savings, for. This adjustment transforms the money-value measure, nominal GDP increases, it is income! ) are correct did you have an idea for improving this content is personal income taxes reduce! Chosen as the base year ( or base period ) excludes investment expenditures, gross private,.
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