GDP
Not what you're looking for?
Using the expenditure approach calculate GDP from the following data:
- personal consumption expenditures $1556
- net exports $132
- gross private domestic investment $162
- government purchases of goods and services $450
- personal income $1700
- corporate profits $600
Purchase this Solution
Solution Summary
The solution explains the concept of GDP and uses the GDP formula to calculate the GDP. The solution is very detailed. Any student can easily go through the explanation and understand what is in the response. It is ideal for students who want to learn the concepts so that they can apply to similar problems later on. The solution also presents two approaches of calculating GDP and arrives at the same answer using any of the approaches.
Purchase this Solution
Free BrainMass Quizzes
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.