Using the relevant information below:Gross Domestic Product (GDP)gross domestic product = consumption + investment + government purchases + net exportsGDP = C + I + G + (X − M), calculate GDP using the expenditure approach.Inventory investment$50 billionFixed investment$120 billionConsumer durables$420 billionConsumer nondurables$275 billionInterest$140 billionIndirect business taxes$45 billionGovernment wages and salaries$300 billionGovernment purchases of goods and services$110 billionImports$80 billionExports$40 billionProfits$320 billionServices$600 billion

GDP can be defined as the measurement of market values of goods and services in the terms of money…

Answered: Using the relevant information below:…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Using the relevant information below:

Gross Domestic Product (GDP)

gross domestic product = consumption + investment + government purchases + net exports

GDP = C + I + G + (X − M), calculate GDP using the expenditure approach.

Inventory investment	$50 billion
Fixed investment	$120 billion
Consumer durables	$420 billion
Consumer nondurables	$275 billion
Interest	$140 billion
Indirect business taxes	$45 billion
Government wages and salaries	$300 billion
Government purchases of goods and services	$110 billion
Imports	$80 billion
Exports	$40 billion
Profits	$320 billion
Services	$600 billion

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