Economics I

Gross Domestic Product. Where GDP = P + I g + G + X n calculate the following:

Economics I Gross Domestic Product. Where GDP = P + I g + G + X n calculate the following: Year 1 Year 2 Consumption Expenditures $10,089 Consumption Expenditures $10,546 Private Domestic Investment 1,528 Pn'vate Domestic Investment 1,823 Government Expenditures Government Expenditures 3,280 Imports Imports 730 Exports Exports 700 Gross Domestic Product ? Gross Domestic Product ? 1. What is the Gross Domestic Product in Year 1? 2. What is the Gross Domestic Product in Year 2? 3. Explain the changes in Gross Domestic Product from Year 1 to Year 2