What is the formula for a closed economy's GDP?
A)Y = C + I + G
B)Y = C + I + G + T
C)Y = C + I + G + S
D)Y = C + I + G + NX

Name: What is the formula for a closed economy's GDP? A)Y = C + I + G B)Y = C + I + G + T C)Y = C + I + G + S D)Y = C + I + G + NX
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Question

Quizplus · Accepted Answer

In a closed economy, there are no exports or imports, so net exports (NX) are zero. The GDP is calculated as the sum of consumption (C), investment (I), and government spending (G).

What Is the Formula for a Closed Economy's GDP