Question

The following are national income account data for a hypothetical economy in billions of dollars: gross private domestic investment ($320); imports ($35); exports ($22); personal consumption expenditures ($2,460); and government purchases ($470). What is GDP in this economy? A) $3,250 billion B) $3,263 billion C) $3,237 billion D) $3,290 billion

Name: the following are national income account data for a hypothetical economy in billions of dollars gross private domestic investment 320 imports 35 exports 22 personal consumption expenditures 91577
Uploaded: 2022-09-30T20:20:15-08:00
Duration: 1 min 43 s
Channel: Manasvee Singh
Description: the following are national income account data for a hypothetical economy in billions of dollars gross private domestic investment 320 imports 35 exports 22 personal consumption expenditures 91577

          The following are national income account data for a hypothetical economy in billions of dollars: gross private domestic investment ($320); imports ($35); exports ($22); personal consumption expenditures ($2,460); and government purchases ($470). What is GDP in this economy?
A) $3,250 billion
B) $3,263 billion
C) $3,237 billion
D) $3,290 billion

Added by Montserrat M.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Manasvee Singh

09/30/2022

Step 1

Step 1: Calculate Net Exports Net Exports = Exports - Imports Net Exports = $22 - $35 Net Exports = -$13 billion Show more…

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The following are national income account data for a hypothetical economy in billions of dollars: gross private domestic investment ($320); imports ($35); exports ($22); personal consumption expenditures ($2,460); and government purchases ($470). What is GDP in this economy? A) $3,250 billion B) $3,263 billion C) $3,237 billion D) $3,290 billion