Question

For the past several decades in the United States, consumption has accounted for about _____ % of GDP?a. 60-70%b. 5-15%c. 15-25%

Answer 1

Consumption expenditure by households accounts for about 60-70% of the GDP in the United States, indicating it is a major driver of the economy. The correct answer is option (A).

Step-by-step explanation:

In the United States, the consumption expenditure by households is a significant part of the Gross Domestic Product (GDP), constituting approximately two-thirds of GDP over the past several decades. This would place the consumption percentage in the range of 60-70% of GDP. Consumption acts as a major driver of the economy and its trend has been relatively stable, showing a modest increase from the 1960s and 1970s onwards.

Therefore, the correct answer for the question is option A.

Answer 2

a. 60-70%

Step-by-step explanation:

GDP = Consumption spending + Investment spending + Government Spending + Net Export

Consumption spending is usually the largest at between 60 and 70 percent.

I hope my answer helps you