The following table shows the data for a hypothetical economy in a specific year. All figures are in billions of dollar Billions of Dollars Category Personal consumption expenditures Purchases of stocks and bonds $80 30 Net exports Government purchases -10 20 Sales of secondhand items Gross investment 25 Instructions: Enter your answer as a whole number. What is the country's GDP for the year? 2$ billion

The following table shows the data for a hypothetical economy in a specific year. All figures are in billions of dollar Billions of Dollars Category Personal consumption expenditures Purchases of stocks and bonds $80 30 Net exports Government purchases -10 20 Sales of secondhand items Gross investment 25 Instructions: Enter your answer as a whole number. What is the country's GDP for the year? 2$ billion

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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Similar questions

Explain briefly whether each of the following would cause GDP to overstate or understate the degree of change in the broad standard of living. The environment becomes dirtier The crime rate declines A greater variety of goods become available to consumers Infant mortality declines
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?
What are the main components of measuring GDP with what is demanded?
U.S. macroeconomic data are among the best in the world. Given what you learned in the Clear It Up 'How do statisticians measure GDP?', does this surprise you, or does this simply reflect the complexity of a modern economy?