Suppose that 25,000 of the automobiles purchased by households are imported rather than domestically produced. Domestic production remains at 1,000,000 autos valued at $ 15,000 each. Once again, find GDP in terms of (a) the market value of production and (b) the components of expenditure.
Suppose that 25,000 of the automobiles purchased by households are imported rather than domestically produced. Domestic production remains at 1,000,000 autos valued at $ 15,000 each. Once again, find GDP in terms of (a) the market value of production and (b) the components of expenditure.
Chapter5: National Income Accounting
Section: Chapter Questions
Problem 2E
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Suppose that 25,000 of the automobiles purchased by households are imported rather than domestically produced. Domestic production remains at 1,000,000 autos valued at $ 15,000 each. Once again, find GDP in terms of (a) the market value of production and (b) the components of expenditure.
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