Naysa150724
10.03.2020 •
Business
Calculate total GDP for this economy given the following components of supply. Round your answer to the nearest tenth and enter the value in trillions of dollars (i.e. $xx.x trillion).Components of GDP on the Supply Side(in trillions of dollars)a. Durable goods 3.8
b. Nondurable goods 2.7
c. Services 12.2
d. Structures 2.1 Change in inventories 0 Total ?
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Ответ:
The GDP Rounded to the answer to the nearest ten = $21 trillion
Explanation:
What Is GDP?
Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of the country’s economic health.
Though GDP is usually calculated on an annual basis, it can be calculated on a quarterly basis as well.
Using the The Expenditure Method - Aggregate Demand (AD) the formula for GDP is:
GDP = C + I + G + (Ex - Im),
where “C” equals spending by consumers,
“I” equals investment by businesses,
“G” equals government spending and
“(Ex - Im)” equals net exports, that is, the value of exports minus imports.
GDP =
C = 3.8 + 2.7 + 12.2 = $18.7 trillion
I = 2.1 + 0
GDP = 18.7 + 2.1 = $20.8 trillion
GDP = $20.8 trillion
Rounding the answer to the nearest ten = $21 trillion
Ответ: