Consumers in a small economy spend $50,000 on goods and services annually. Also annually, investment is $10,000, government spending is $7,000, exports are $400, and imports are $200. What is the value of GDP in this economy? Provide y your answer below:
Consumers in a small economy spend $50,000 on goods and services annually. Also annually, investment is $10,000, government spending is $7,000, exports are $400, and imports are $200. What is the value of GDP in this economy? Provide y your answer below:
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter13: Measuring The Economy's Performance
Section: Chapter Questions
Problem 10AA
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Transcribed Image Text:Consumers in a small economy spend $50,000 on goods and services annually. Also annually, investment is $10,000,
government spending is $7,000, exports are $400, and imports are $200. What is the value of GDP in this economy?
Provide your answer below:
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