Use the following data to calculate GDP: consumption = $5,000; gross investment = $800; government purchases = $700; exports = $30; imports = $60; transfer payments = $340.

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Quizplus · Accepted Answer

GDP is calculated as the sum of consumption, gross investment, government purchases, and net exports (exports minus imports). Transfer payments are not included. So, GDP = $5,000 + $800 + $700 + ($30 - $60) = $6,470.

Use the Following Data to Calculate GDP: Consumption = $5,000;