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Alexxandr [17]
3 years ago
12

Calculate total GDP for this economy given the following components of supply. Round your answer to the nearest tenth and enter

the value in trillions of dollars (i.e. $xx.x trillion).Components of GDP on the Supply Side(in trillions of dollars)a. Durable goods 3.8
b. Nondurable goods 2.7
c. Services 12.2
d. Structures 2.1 Change in inventories 0 Total ?
Business
1 answer:
Sav [38]3 years ago
8 0

Answer:

<em>The GDP Rounded to the answer to the nearest ten = $21 trillion</em>

Explanation:

What Is GDP?

<em>Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of the country’s economic health. </em>

<em>Though GDP is usually calculated on an annual basis, it can be calculated on a quarterly basis as well.</em>

<em></em>

<em>Using the The Expenditure Method - Aggregate Demand (AD) the formula for GDP is: </em>

GDP = C + I + G + (Ex - Im),

where “C” equals spending by consumers,

“I” equals investment by businesses,

“G” equals government spending and

“(Ex - Im)” equals net exports, that is, the value of exports minus imports.

GDP =

C = 3.8 + 2.7 + 12.2 = $18.7 trillion

I = 2.1 + 0

GDP = 18.7 + 2.1 = <em>$20.8 trillion </em>

<em>GDP = $20.8 trillion </em>

<em />

<em>Rounding the answer to the nearest ten = $21 trillion</em>

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