Consider a country with a consumption of $485 billion, an investment of $175 billion, government purchases of $176 billion, government transfer payments of $24 billion, exports of $19 billion and imports of $40 billion for the year 2020. What is the country's total GDP for the year 2020? Write your answer in billions of dollars.

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A: Gross Domestic Product (GDP) is the sum of aggregate expenditure incurred by the various sectors in…

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A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

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A: Answer-

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A: National Income refers to the total income that is derived from the economic activities in a…

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A: New incomes of ammy = 75% or 20,000                                         = 15,000 New incomes of…

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A: Saving rate basically refers to the measure that a country save from the share of disposal income…

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A: GDP of a country estimates all the transactions within the boundary of the nation. It is considered…

Q: Define GDP. Identify the four components of GDP, used by government economists, when using the…

A: GDP: The gross domestic product i.e. GDP is the value of all finished goods and services or products…

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A: The gross domestic product refers to the total amount of all the final goods and services produced…

Q: Suppose real GDP is $5,361 billion, taxes collected by the government are $528 billion, government…

A: Formula:

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A: here we calculate the Net export and GDP by using the following table which are as follow-

Q: Which of the following are assumed to be independent of the level of national income: (a)…

A: National income refers to the total income earned by the people of an economy in a particular period…

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A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

Q: If consumption is $8 billion, investments is $4 billion, government purchases are $2 billion,…

A: Government purchase denotes the certain expenditure on the economics services and the goods by body…

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A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Q: Suppose a small economy has two income tax rates: 15% for all income up to $50,000 and 30% for any…

A: GDP computes the monetary value of final goods and services—that is, those that are purchased by the…

Q: of

A: We know that equilibrium requires: Y = AE = C + I + G C = (1 - MPS)(Y - T) and I = (MPS)(Y-T) So, Y…

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A: GDP measures the total monetary worth of all recently created final products and services generated…

Q: If consumption expenditure is $30 billion, investment spending is $15 billion, government spending…

A: Consumption = $30 billion Investment = $15 billion Government spending = $12 billion Exports = $4…

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A: GDP is the gross domestic product which is the final value of goods and services that are produced…

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A: Total expenditure is the current worth of the relative multitude of finished labor and products in…

Q: how much is GDP

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Q: Suppose that GDP was $250 billion in year 1 and that all other components of expenditures remained…

A: GDP stands for gross domestic product which is the sum of value of all goods and services produced…

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A: The economies around the world tend to focus on their economic growth, and development through…

Q: Suppose a small economy has two income tax rates: 15% for all income up to $50,000 and 30% for any…

A: 1. (a) Income of Amy          = $20,000 Tax paid by  Amy       = 15% of 20,000       = (15/100) *…

Q: For a hypothetical economy, if Nominal GDP (measured in billions of current dollars) is $5,465 and…

A: Import is the process of purchasing the products and services manufactured in another country.

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A: The majority of the government's usual revenue comes from taxes. Taxes, which are imposed on people…

Q: ssume that the total output of goods and services is held constant and the price level increases.…

A: Economic Growth is measured by GDP in Nominal or real terms. Nominal GDP is the market value of all…

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A: The Gross Domestic Product (GDP) measures the market value of all the final goods and services…

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A: The following problem has been solved as follows:

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A: 1. If an Al Khaleej Food company owned entirely by Emirati Business Group opens a new Restaurants…

Q: The following are national income account data for a hypothetical economy in billions of dollars:…

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