In the economy of Wrexington in 2008,consumption was $500,exports were $200,GDP was $1200,government purchases were $250,and investment was $300.What were Wrexington's imports in 2008?

Question

Quizplus · Accepted Answer

To find imports, use the GDP formula: GDP = Consumption + Investment + Government Purchases + (Exports - Imports). Plug in the values: $1200 = $500 + $300 + $250 + ($200 - Imports). Solving for Imports gives $50.

In the Economy of Wrexington in 2008,consumption Was $500,exports Were