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UNO [17]
2 years ago
9

Given the following data for the economy, compute the value of GDP.

Business
1 answer:
oksano4ka [1.4K]2 years ago
5 0

Answer:

The value of GDP is 75

Explanation:

GDP is equal to Consumption + Investment + Government Spending + Net Exports (Exports minus Imports), where total Investment is equal to Fixed Investment plus the Change in Inventories.  

The change in GDP will therefore equal the change in Consumption + the change in Investment + the change in Government Spending + the change in Net Exports, where the change in Investment will equal the change in Fixed Investment plus the change in the Change in Inventories.

= Government purchases of goods and services  (10) + Consumption Expenditures  (70 )+ Exports  (5 ) - Imports  (12) + Change in Inventories  (-7 ) + Construction of new homes and apartments  (15 ) - Sales of existing homes and apartments  (22 ) + Government payments to retirees  (17 ) + Business Fixed Investment  (9)

= 75

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A perfectly competitive firm will be unable to make any sales if it charges even a small amount more than the market price.

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