The following table gives categories for income and expenditures for a represent

Question

The following table gives categories for income and expenditures for a representative country:

Use the data in the table to calculate Gross Domestic Product (GDP) for this country.

GDP is equal to $_____?

Net exports of goods and services -550 Net interest paid by business 440 Government purchase of goods and services 1,650 Gross private domestic investment 2,200 Indirect business taxes 440 Rental income of individuals plus implicit rent on owner-occupied housing 220 Wages, salaries, employee compensation 6,600 Personal consumption expenses 7,700 Depreciation 880 Proprietorial income 1,100 Corporate profits 1,320

Explanation / Answer

GDP = personal consumption expenses+ Gross private domestic investment+Government purchase of goods and services+Net exports of goods and services

=7700+2200+1650+(-550)

=$11,000

ans :GDP = $11,000

note: rest of data is not required

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.