Question
In: Economics
Calculate total GDP for this economy given the following components of demand. Round your answer to...
Calculate total GDP for this economy given the
following components of demand. Round your answer to the nearest
tenth.
Components of GDP on the Demand Side
(in trillions of dollars)
Consumption
11.2
Investment 2.8Government spending3.1Exports2.4Imports2.3Total GDP?
Solutions
Expert Solution
Gross Domestic Product (GDP) is the final value of all the goods & services produced in an economy during a particular period of time. We can calculate GDP by adding Consumption, Investment, Government spending, Exports & deducting Imports from the sum.
Total GDP=Consumption+Investment+Government Spending+Exports-Imports
Given,
Consumption=11.2
Investment=2.8
Government spending=3.1
Exports=2.4
Imports=2.3
Total GDP=11.2+2.8+3.1+2.4-2.3=17.2 trillion dollars.
So, total GDP for this economy is 17.2 trillion dollars.
Rahul Sunny answered 2 years agoRelated Solutions
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