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Table: Calculating GDPRentConsumption spendingSocial Security benefitInyestment spendingWages and salariesExportsInterestGovernment purchases of goods and serVicesProfitsImportsPurchase of stocksUnemployment compensationPavrol taxesSales taxesS2,4007,9006,1002,1006,5008001,9002,6001,4001,2006,3003,9502,9651,300

Question

(Table: Calculating GDP) Using the information in the table Calculating GDP, which is the correct calculation for GDP?

 

 

A)

$34,085

 

B)

$47,475

 

C)

$12,200

 

D)

$21,485

Table: Calculating GDP
Rent
Consumption spending
Social Security benefit
Inyestment spending
Wages and salaries
Exports
Interest
Government purchases of goods and serVices
Profits
Imports
Purchase of stocks
Unemployment compensation
Pavrol taxes
Sales taxes
S2,400
7,900
6,100
2,100
6,500
800
1,900
2,600
1,400
1,200
6,300
3,950
2,965
1,300
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Table: Calculating GDP Rent Consumption spending Social Security benefit Inyestment spending Wages and salaries Exports Interest Government purchases of goods and serVices Profits Imports Purchase of stocks Unemployment compensation Pavrol taxes Sales taxes S2,400 7,900 6,100 2,100 6,500 800 1,900 2,600 1,400 1,200 6,300 3,950 2,965 1,300

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Step 1

GDP (Gross Domestic Product) of a country is the final value of all goods and services produced/ sold in that country in a year. If we account for GDP from the demand side, GDP is the aggregate of all the expenditure by all economic units in an economy, namely, government purchases, private consumption expenditure, investment expenditure, expenditure on net exports (exports-imports), etc. The equation below defines GDP as the aggregate expenditure in the economy:

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Step 2

We are given,

Consumption Spending (C) = $7,900

Investment Spending (I) = $2,100

Government Purchases (G) = $2,600

Exports (X) = $800

Imports (M) = $1,200

Step 3

We calculate GDP a...

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