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Chapter 6: Q 1. (page 159)

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

Expert verified

The value of GDP is $3,030 billion

Step by step solution

01

Step 1. Given information

Consumption spending=$2000billion

Business investment=$50billion

Government purchases=$1000billion

Import=$40billion

Export=$20billion

02

Step 2. Calculation

Calculate the dollar value of GDP

GDP=Privateconsumption+Governmentinvestment+Governmentspending+(Exports鈥�Imports)=$2,000billion+$50billion+$1,000billion+($20billion-$40billion)=$3,030billion

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