Based on the following data, GDP would equal ___ while Net National Product equals ___ in BillionsGovernment Purchases$20Exports$5Imports$10Depreciation $5Investments$25Consumption$70Domestic US businesses production abroad$15Foreign businesses production in US$6Group of answer choices$110 billion; $114 billion$110 billion; $101 billion$130 billion; $121 billion$130 billion; $139 billion

Answered: Based on the following data, GDP would…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter19: Measuring Economic Performance

Section: Chapter Questions

Problem 6P

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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

Expert Solution

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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