Question

Refer to Table 8-4. Consider the data above (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals

Answer 1

If one uses the data above (in billions of dollars), the Gross domestic product (in billions of dollars) for this economy equals  $1,200.

What is the GDP about?

Note that:

GDP (Gross Domestic Product):

Thus it will be :

Consumption + Investment + Government expenditure + (Export - Import)

Which is:

GDP = 800 + 200 + 300 + (100 - 200)

GDP = $1200 billions

See full question below

Consumption expenditures $800

Investment expenditures 200

Government purchases 300

Exports 100

Imports 200

Wages 800

8) Refer to Table above. Consider the data above (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals

A) $2,200.

B) $1,600.

C) $1,400.

D) $1,200.

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