The GDP of Richland during a particular year was $672,500.If the expenditure on consumption during that year was $220,000,the expenditure on investment was $250,000,the expenditure incurred by the government was $100,000,and the value of exports was $182,000,then the value of imports was ________.
A) $40,000
B) $79,500
C) $21,500
D) $100,750

Question

Quizplus · Accepted Answer

We can use the GDP formula:

GDP = consumption + investment + government expenditures + exports - imports

Substituting the given values, we get:

$672,500 = $220,000 + $250,000 + $100,000 + $182,000 - imports

Rearranging this equation, we get:

Imports = $220,000 + $250,000 + $100,000 + $182,000 - $672,500

Imports = $79,500

Therefore, the value of imports was $79,500, which is option B.

The GDP of Richland During a Particular Year Was $672,500