Homework Answers
Exports = $20 billion
Government purchases = $1,000 billion
Business investment = $50 billion
Imports = $40 billion
Consumption spending = $2,000 billion
All the above stated items are components of measuring GDP using the expenditure method.
So, in given case, expenditure method would be used to calculate the GDP.
Calculate GDP -
GDP = Consumption spending + Government purchases + Business investment + Exports - Imports
GDP = $2,000 billion + $1,000 billion + $50 billion + $20 billion - $40 billion
GDP = $3,030 billion
Thus,
The dollar value of GDP is $3,030 billion.
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