Question

In: Economics

Year1 Year2 Year3 GDP 5000 6000 C 2500 3500 I 1500 2000 G 1000 1600 1900...

	Year1	Year2	Year3
GDP	5000	6000
C	2500		3500
I		1500	2000
G	1000	1600	1900
NX	500	100	-200

In Year 3, GDP equals:

Group of answer choices

7200

11000

Not enough information to answer

7000

7400

Expert Solution

The correct answer is 7200.

GDP = C + I + G + NX ( where C stands for consumption expenditure, I stands for investment expenditure, G stands for government expenditure and NX stands for net exports).

In year 3-

C = 3500

I = 2000

G = 1900

NX = -200

GDP = 3500 + 2000+ 1900+(-200)

GDP = 7400 - 200

GDP = 7200

Rahul Sunny answered 2 years ago

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