Calculate GDP using the information in the table below: SBillions Government purchases of goods 800 Services 500 Imports 200 Change in business inventories 40 Durable goods 300 Nondurable goods 600 Exports 50 Residential investment 200 Government purchases of services 200 Nonresidential investment 650 Select one: O a. 3650 Ob. 3440 O C. 3140 O d. 2900

Calculate GDP using the information in the table below: SBillions Government purchases of goods 800 Services 500 Imports 200 Change in business inventories 40 Durable goods 300 Nondurable goods 600 Exports 50 Residential investment 200 Government purchases of services 200 Nonresidential investment 650 Select one: O a. 3650 Ob. 3440 O C. 3140 O d. 2900

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter19: Measuring Economic Performance

Section: Chapter Questions

Problem 10P: Nominal GDP in Nowhereland in 2018 and 2019 is as follows: Can you say that the production of goods...

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Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
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