Current U.S. government spending is $4.829 trillion. GDP is the acronym for gross domestic product, which is a measure of economic output. more The GDP for a nation is calculated by adding all of the country's expenditures, or the amount of money spent. Gross Domestic Product (GDP) Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. Bureau of Economic Analysis. The gross domestic product is the largest dollar amount in the United States. The GDP value of China represents 11.81 percent of the world economy. "The Facts of Economic Growth," Pages 5-8. "Gross Domestic Product (Third Estimate), Corporate Profits (Revised), and GDP by Industry, Third Quarter 2020." Federal Reserve Bank of St. Louis. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent. Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates . Accessed Dec. 23, 2020. Largest economies by nominal GDP in 2020 Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. The Gross Domestic Product (GDP) in China was worth 14342.90 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. The largest component of GDP is consumer consumption. The total amount of income earned by U.S. resource suppliers in a year, plus taxes on production and imports, is measured by: (Points : 1) gross domestic product. a. national income. d. personal income ____ 12. U.S. health care spending grew 4.6 percent in 2019, reaching $3.8 trillion or $11,582 per person. c. net national product. Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the third quarter of 2020, as real GDP for the nation increased at an annual rate of 33.4 percent. Accessed Dec. 23, 2020. Gross Domestic Product (Third Estimate), Corporate Profits (Revised), and GDP by Industry, Third Quarter 2020 Real gross domestic product (GDP) increased at an annual rate of 33.4 percent in the third quarter of 2020, as efforts continued to reopen businesses and resume activities that were postponed or restricted due to COVID-19. "Real Gross Domestic Product Per Capita."   That's the federal budget for the fiscal year 2021 covering Oct. 1, 2020, to Sept. 30, 2021. national income. Black buying power currently stands at over $1.1 trillion and is on the road to hit about $1.5 trillion by 2021. ____ 11. Stanford University. In the United States, which is the largest dollar figure? b. gross domestic product. 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