According to the expenditures approach, if Consumption is $25 billion, Gross Investment is $50 billion, Government Purchases are $75 billion, and Net Exports are $ -10 billion, what is GDP?
Using the year 2000 as the base year, if the price of a market basket of goods in 2010 was $500 and the price of the market basket of goods in 2000 was $400, and nominal GDP was $200 billion in 2010, what was real GDP?
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