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alexandr1967 [171]
3 years ago
9

Suppose the economy is closed with national saving of $3 trillion, consumption of $10 trillion, and government purchases of $4 t

rillion. What is GDP?
Business
1 answer:
yanalaym [24]3 years ago
4 0

Answer:

The correct answer is: $17 trillion.

Explanation:

The Gross Domestic Product or GDP represents the overall market value of all the goods and services a country produces and it measures the size of the economy. The GDP is determined with the following formula:

GDP = C +  G + I + NX

where:

  • C: private consumption or consumer spending
  • G: government spending
  • I: businesses' capital spending
  • NX: net exports (exports - imports)

In the example:

GDP = $3 trillion + $10 trillion + $4 trillion = $17 trillion

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These are costs taken to develop new products or processes that may or may not result in commercially viable items. The general rule is that research and development costs are to be expensed immediately when the costs are incurred.

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A random sample of 84 shoppers were interviewed and 51 said they prefer to shop alone rather than with someone else. let p repre
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