FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3. Calculate GDP in this simple economy: Consumer purchases: $100 per year Investment purchases: $50 per year Government purchases: $20 per year Total exports: $50

3. Calculate GDP in this simple economy:

Consumer purchases: $100 per year

Investment purchases: $50 per year

Government purchases: $20 per year

Total exports: $50 per year

Total imports: $70 per year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey of Accounting

Survey of Accounting

Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi

3rd Edition

978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856

Students also viewed these Economics questions

Question

★★★★★
Rusio Companys adjusted trial balance on August 31, 2009, its fiscal year-end, follows. On August 31, 2008, merchandise inventory was $35,104. Supplementary records of merchandising activities for...

Answered: 1 week ago

Question

★★★★★
Universal City Studios, Inc. (Universal) entered into a general contract with Turner Construction Company (Turner) for the construction of the Jurassic Park ride. Turner entered into a subcontract...

Answered: 1 week ago

Question

★★★★★
Explain Galens pneuma concept of the soul.

Answered: 1 week ago

Question

★★★★★
Game Depot manufactures video games that it sells for $45 each. The company uses a fixed manufacturing overhead allocation rate of $3 per game. Assume all costs and production levels are exactly as...

Answered: 1 week ago

Question

★★★★★
Your company weighted average cost of capital (the discount rate) is 5%. The initial investment is $11 million, and the project will last for five years, with the estimated cash flows per year as...

Answered: 1 week ago

Question

★★★★★
#1 Suppose that we try to estimate a population parameter 68. We decided to use a statistic DD because it is known that 65-10 follows a distribution called W-distribution. Below is the graph of DD...

Answered: 1 week ago

Question

★★★★★
Pharoah Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 104,000 shares of $10 par value common stock. At...

Answered: 1 week ago

Question

★★★★★
When we analyze data for the census tracts in the greater Los Angeles area, we find no significant correlation between median tax bill and median lot size. Yet a considerable positive correlation...

Answered: 1 week ago

Question

★★★★★
From a point along a straight road, the angle of elevation to the top of a hill is 36. From 270 ft farther down the road, the angle of elevation to the top of the hill is 23. How high is the hill?...

Answered: 1 week ago

Question

★★★★★
Gary is awarding a gift card randomly to a list of names on a spreadsheet. To keep it fair he wants to draw a number and then award it to the person located at that number on the list. What function...

Answered: 1 week ago

Question

★★★★★
According to the ISA 300 'Planning and Audit of Financial Statement'. Outline the overall content of this audit strategy and the audit plan.

Answered: 1 week ago

Question

★★★★★
Under the TCJA of 2017: a. Income of a sole proprietor is subject to a flat rate of 21%. b. Section 199A of the Internal Revenue Code was added. c. A deduction of up to 20% of business income is...

Answered: 1 week ago

Previous Question Next Question