In the economy of Wrexington in 2008,consumption was one-half of GDP,government purchases were $2000 more than investment,investment was one-sixth of GDP,and the value of imports exceeded the value of exports by $500.What was Wrexington's GDP in 2008?

Question

Quizplus · Accepted Answer

GDP = Consumption + Investment + Government Purchases + (Exports - Imports)= (1/2 GDP) + (1/6 GDP) + (1/6 GDP + 2000) + (-500)= (1/2 + 1/6 + 1/6) GDP + 2000 - 500= 1 GDP + 1500= $9000

In the Economy of Wrexington in 2008,consumption Was One-Half of GDP,government