Q. 1 Country A has export sales of \(... [FREE SOLUTION]

Chapter 19: Q. 1 (page 469)

Country A has export sales of $$20$ billion, government purchases of $$ 1, 000$ billion, business investment is $$50$ billion, imports are $$ 40$ billion, and consumption spending is $$ 2, 000$ billion. What is the dollar value of GDP?

Short Answer

Expert verified

The dollar value of GDP is $$ 3, 030$ billion.

Step by step solution

Step 1. GDP

Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country鈥檚 borders in a specific time period.

Step 2. GDP value

We know that GDP consists of consumption (C), investment (I), government purchases (G), and net exports (NX).

So, in this case $G D P = $ 2000 b i l l i o n + $ 50 b i l l i o n + $ 1000 b i l l i o n + ($ 20 b i l l i o n - $ 40 b i l l i o n) = $ 3, 030 b i l l i o n$

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Country A has export sales of $\(20$ billion, government purchases of $\) 1, 000$ billion, business investment is $\(50$ billion, imports are $\) 40$ billion, and consumption spending is $$ 2, 000$ billion. What is the dollar value of GDP?

Short Answer

Step by step solution

Step 1. GDP

Step 2. GDP value

One App. One Place for Learning.

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91影视

Country A has export sales of \(20billion, government purchases of \)1,000billion, business investment is \(50billion, imports are \)40billion, and consumption spending is $2,000billion. What is the dollar value of GDP?

Short Answer

Step by step solution

Step 1. GDP

Step 2. GDP value

One App. One Place for Learning.

Most popular questions from this chapter

Recommended explanations on Economics Textbooks

Taxation Economics

Study anywhere. Anytime. Across all devices.

Country A has export sales of $\(20$ billion, government purchases of $\) 1, 000$ billion, business investment is $\(50$ billion, imports are $\) 40$ billion, and consumption spending is $$ 2, 000$ billion. What is the dollar value of GDP?