Question

A small economy produced $50 000 worth of goods for a year and $40 000 worth...

  1. A small economy produced $50 000 worth of goods for a year and $40 000 worth of services. Given that for the same year Personal consumption expenditure was $20 000, Government expenditure was $30 000, Gross private domestic investment was $5 000 and imports were $8 000, calculate the value of exports for the year.
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Answer #1

Total GDP = Value of Goods + Value of Services = $50,000 + $40,000 = $90,000.

GDP = Personal consumption + Government expenditure + Gross private domestic investment + Net Export

or, GDP = Personal consumption + Government expenditure + Gross private domestic investment + (Export - Import)

or,  $90,000 = $20 000 + $30 000 + $5,000 + (Export - $8,000)

or, $90,000 = $55,000 + Export - $8,000

or, $90,000 = $47,000 + Export

or, Export = $90,000 - $47,000 = $43,000.

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