Question # 6Based on the following data for a hypothetical economyMillionsWage and salariesGovernment PurchasesExportsRental IncomeProfitInterestConsumption and spendingImportsPrivate investment Spending$6000$2000$2650$450$1600$1000$4800$2400$2000a. Calculate the GDP using expenditure approach:b. Calculate the GDP using income approach:c. Suppose that in the next vear export deerease to 1650 million. Import increase to3400 million and consumption falls to 2800 million. What will the GDP be in thatyear?

Gross domestic product (GDP) is the standard measure of the value added created through the…

a. Calculate the GDP using expenditure approach: b. Calculate the GDP using income approach: C. Suppose that in the next year export decrease to 1650 million. Import increase to 3400 million and consumption falls to 2800 million. What will the GDP be in that year?

a. Calculate the GDP using expenditure approach: b. Calculate the GDP using income approach: C. Suppose that in the next year export decrease to 1650 million. Import increase to 3400 million and consumption falls to 2800 million. What will the GDP be in that year?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter4: The Aggregate Economy

Section: Chapter Questions

Problem 8E

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