Calculate GDP for the following economy using the data from the table below. GDP

Question

Calculate GDP for the following economy using the data from the table below.

GDP   Consumption expenditures $550     Exports $100     Government purchases of goods and services $200     Construction of new homes and apartments $200     Sales of existing homes and apartments $200     Imports $50     Beginning-of-year inventory stocks $100     End-of-year inventory stocks $50     Business fixed investment $100     Government payments to retirees $100     Household purchases of durable goods $150  

Explanation / Answer

GDP = C+ I+ G + NX

GDP =($550+150) +(100+(50-100) +200) + 200 + (100-50) = 1200

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