To determine what percentage of the total GDP consists of durable goods, we need to follow these steps:
1. Calculate the Total GDP:
Add up all the components of GDP to find the total GDP.
- Durable goods: \[tex]$3.21 trillion
- Nondurable goods: \$[/tex]2.55 trillion
- Services: \[tex]$11.12 trillion
- Structures: \$[/tex]1.76 trillion
- Change in inventories: \[tex]$0.56 trillion
Total GDP = 3.21 + 2.55 + 11.12 + 1.76 + 0.56 = \$[/tex]19.2 trillion
2. Calculate the Percentage of GDP for Durable Goods:
Use the formula for percentage:
[tex]\[
\text{Percentage of GDP for Durable Goods} = \left( \frac{\text{Durable Goods}}{\text{Total GDP}} \right) \times 100
\][/tex]
[tex]\[
\text{Percentage of GDP for Durable Goods} = \left( \frac{3.21}{19.2} \right) \times 100 = 16.71875\%
\][/tex]
3. Round the Answer to the Nearest Tenth:
Look at the hundredth place value to determine if we round up or down. The hundredth place in 16.71875 is '1', hence we round down:
Rounded Percentage = 16.7%
Thus, the percentage of the total GDP that consists of durable goods is:
[tex]\[
16.7\%
\][/tex]
