Given the following data for the economy, compute the value of GDP. $$\begin{array} { | l l | }
\hline \text { Government purchases of goods and services } & 10 \
\text { Consumption Expenditures } & 70 \
\text { Exports } & 5 \
\text { Imports } & 12 \
\text { Change in inventories } & - 7 \
\text { Construction of new homes and apartments } & 15 \
\text { Sales of existing homes and apartments } & 22 \
\text { Government payments to retirees } & 17 \
\text { Business fixed investment } & 9 \
\hline
\end{array}$$

Question

Given the following data for the economy, compute the value of GDP. $$\begin{array} { | l l | } 
\hline \text { Government purchases of goods and services } & 10 \
\text { Consumption Expenditures } & 70 \
\text { Exports } & 5 \
\text { Imports } & 12 \
\text { Change in inventories } & - 7 \
\text { Construction of new homes and apartments } & 15 \
\text { Sales of existing homes and apartments } & 22 \
\text { Government payments to retirees } & 17 \
\text { Business fixed investment } & 9 \
\hline
\end{array}$$

Quizplus · Accepted Answer

GDP = Consumption Expenditures + Government purchases of goods and services + Business fixed investment + Change in inventories + Exports - Imports + Construction of new homes and apartmentsGDP = 70 + 10 + 9 - 7 + 5 - 12 + 15GDP = 90

Given the Following Data for the Economy, Compute the Value