Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume that the national account of a small island for 2018 showed that the government had received $15 million as revenue and spent $2 million

image text in transcribed
image text in transcribed
Assume that the national account of a small island for 2018 showed that the government had received $15 million as revenue and spent $2 million on purchases and expenditures. National investment stood at $4 million, while the island recorded $10 million worth of export with $5 million worth of imports. If the consumption expenditure on nal goods and services by consumers for that year amounted to $8 million, the GDP for that year is closest to: O a. $19 million 0 b. $11 million 0 c. $25 million 0 d. $34 million

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Essentials Of Advanced Macroeconomic Theory

Authors: Ola Olsson ]

1st Edition

9780415685085

More Books

Students also viewed these Economics questions

Question

4. What is the goal of the others in the network?

Answered: 1 week ago

Question

2. What we can learn from the past

Answered: 1 week ago