2) The following data summarize the expenditures for the country of XYZ during 2003 in millions of alphabet, the currency of country XYZ. Gross Private Domestic Investment$300Business Fixed Investment$200Change in Inventories$100Exports$200Imports$200Personal Consumption Expenditures$800Government Consumption Expenditures and Gross Investment$500Statistical Discrepancy$10Depreciation Expenditures$50 Calculate net exportsCalculate GDPCalculate national incomeAssume that the GDP deflator is 120 and calculate real GDP for 2003.

Gross domestic product (GDP) is a broad measure of a country's economic activity. It represents the…

Answered: 2) The following data summarize the…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 4CQQ

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2) The following data summarize the expenditures for the country of XYZ during 2003 in millions of alphabet, the currency of country XYZ.

Gross Private Domestic Investment	$300
Business Fixed Investment	$200
Change in Inventories	$100
Exports	$200
Imports	$200
Personal Consumption Expenditures	$800
Government Consumption Expenditures and Gross Investment	$500
Statistical Discrepancy	$10
Depreciation Expenditures	$50

Calculate net exports
Calculate GDP
Calculate national income
Assume that the GDP deflator is 120 and calculate real GDP for 2003.

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