nstructions: Answer the following questions   Question 1                                                                         $   Total consumer expenditure              400 000 Government spending                        148 000 Gross domestic capital formation      160 000 Value of physical increases in stock         8 000 Export of goods                                      72 000 Import of goods                                     68 520 Subsidies                                                  5 560 Taxes on expenditure

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter19: Measuring Economic Performance
Section: Chapter Questions
Problem 3P
icon
Related questions
Question

Instructions: Answer the following questions

 

Question 1

                                                                        $

 

Total consumer expenditure              400 000

Government spending                        148 000

Gross domestic capital formation      160 000

Value of physical increases in stock         8 000

Export of goods                                      72 000

Import of goods                                     68 520

Subsidies                                                  5 560

Taxes on expenditure                              6 960

Capital consumption                              22 000

Income from abroad                              31 600

Income paid abroad                               29 600

 

Use the information above to calculate GDP using the expenditure method

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Highway Construction
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Economics:
Economics:
Economics
ISBN:
9781285859460
Author:
BOYES, William
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,