Based on the following data, GDP would equal ___ while Net National Product equals ___ in Billions Government Purchases $20 Exports $5 Imports $10 Depreciation $5 Investments $25 Consumption $70 Domestic US businesses production abroad $15 Foreign businesses production in US $6 Group of answer choices $110 billion; $114 billion $110 billion; $101 billion $130 billion; $121 billion $130 billion; $139 billion
Based on the following data, GDP would equal ___ while Net National Product equals ___ in Billions Government Purchases $20 Exports $5 Imports $10 Depreciation $5 Investments $25 Consumption $70 Domestic US businesses production abroad $15 Foreign businesses production in US $6 Group of answer choices $110 billion; $114 billion $110 billion; $101 billion $130 billion; $121 billion $130 billion; $139 billion
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section: Chapter Questions
Problem 5WNG
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Question
Based on the following data, GDP would equal ___ while Net National Product equals ___
in Billions | |
Government Purchases | $20 |
Exports | $5 |
Imports | $10 |
$5 | |
Investments | $25 |
Consumption | $70 |
Domestic US businesses production abroad | $15 |
Foreign businesses production in US | $6 |
Group of answer choices
$110 billion; $114 billion
$110 billion; $101 billion
$130 billion; $121 billion
$130 billion; $139 billion
Expert Solution
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Step 1
Meaning of Gross Domestic Product (GDP):
The term gross domestic product refers to the situation under which the overall flow of products and goods, is estimated under the region of the domestic market, thus GDP is the monetary value of whole economic activities in a year.
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