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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Describe the expenditure approach to computing GDP in a real-world economy.

To determine

Explain the expenditure approach to compute GDP.

Explanation

Gross Domestic Product (GDP) is the sum of all goods and services produced in a country. In the expenditure approach, Gross Domestic Product (GDP) can be calculated by adding of consumption, expenditure, investment and net exports. The equation of expenditure approach equation can be written as follows:

Expenditure approach=(

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