Solved

Using the Expenditure Approach, Calculate GDP Using the Following Data

Question 172

Essay

Using the expenditure approach, calculate GDP using the following data.  Item  Amount in dollars (billions)  Consumption 7,600 Consumption of Durable Goods 1,600 Consumption of Nan Durable Gaods 2,800 Cansumptian of Services 3,200 Investment 2,750 Fixed Investment 1,000 Government purchases af Goods & Services 1,675 Govermment Transfer Payyents 450 Exgarts 750 Imparts 1,600 GDP Equals \begin{array} { | l | r | } \hline { \text { Item } } & \text { Amount in dollars (billions) } \\\hline \text { Consumption } & 7,600 \\\hline \text { Consumption of Durable Goods } & 1,600 \\\hline \text { Consumption of Nan Durable Gaods } & 2,800 \\\hline \text { Cansumptian of Services } & 3,200 \\\hline \text { Investment } & 2,750 \\\hline \text { Fixed Investment } & 1,000 \\\hline \text { Government purchases af Goods \& Services } & 1,675 \\\hline \text { Govermment Transfer Payyents } & 450 \\\hline \text { Exgarts } & 750 \\\hline \text { Imparts } & 1,600 \\\hline \text { GDP Equals } & \\\hline\end{array}

Correct Answer:

verifed

Verified

GDP equals 11,175 (Consumption...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents