The following table provides data for an economy in a certain year. $$\begin{array} { l l }
\text { Consumption expenditures } & 50 \
\text { Imports } & 40 \
\text { Government purchases of goods and services } & 20 \
\text { Construction of new homes and apartments } & 30 \
\text { Sales of existing homes and apartments } & 40 \
\text { Exports } & 50 \
\text { Government payments to retirees } & 10 \
\text { Household purchases of durable goods } & 20 \
\text { Beginning-of-year inventory } & 10 \
\text { End-of-year inventory } & 20 \
\text { Business fixed investment } & 30
\end{array}$$ Given the data in the table, compute the value of GDP.

Question

The following table provides data for an economy in a certain year. $$\begin{array} { l l } 
\text { Consumption expenditures } & 50 \
\text { Imports } & 40 \
\text { Government purchases of goods and services } & 20 \
\text { Construction of new homes and apartments } & 30 \
\text { Sales of existing homes and apartments } & 40 \
\text { Exports } & 50 \
\text { Government payments to retirees } & 10 \
\text { Household purchases of durable goods } & 20 \
\text { Beginning-of-year inventory } & 10 \
\text { End-of-year inventory } & 20 \
\text { Business fixed investment } & 30
\end{array}$$ Given the data in the table, compute the value of GDP.

Quizplus · Accepted Answer

GDP =  Consumption expenditures + Investment + Government purchases of goods and services + (Exports - Imports)

GDP = 50 + 30 + 20 + (50 - 40) 
GDP = 150

The Following Table Provides Data for an Economy in a Certain