Table 7-3 (in $ billion)consumption =$1,000.00inventory investment$450.00purchased of new capital goods$550.00government purchases$300.00exports =$20.00imports =$33.00purchased of new residential housing$58.00Refer to Table 7-3, GDP equalsO $2.345.00O $2.346.00O $2,325.00O $1,925.00

The formula is:GDP = consumption + Inventory investment + purcahse of new capital goods + govenment…

Table 7-3 (in $ billion) consumption = %3D $1,000.00 inventory investment = $450.00 !3! purchased of new capital goods = $550.00 %3D government purchases = $300.00 %3D exports = $20.00 %3D imports = $33.00 %3D purchased of new residential housing $58.00 Refer to Table 7-3, GDP equals O $2,345.00 O $2,346.00 O $2,325.00 O $1,925.00

Table 7-3 (in $ billion) consumption = %3D $1,000.00 inventory investment = $450.00 !3! purchased of new capital goods = $550.00 %3D government purchases = $300.00 %3D exports = $20.00 %3D imports = $33.00 %3D purchased of new residential housing $58.00 Refer to Table 7-3, GDP equals O $2,345.00 O $2,346.00 O $2,325.00 O $1,925.00

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter4: The Aggregate Economy

Section: Chapter Questions

Problem 6E

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