Homework Answers
Answer :-
In order to calculate GDP(Y) we have to use following relation ;
Y = C +I + G + NX, where,
C(Consumption) = $170 billion
I(Gross Investment) = $85 billion
G(Government Expenditure) = $60 billion
NX ( export - Import ) =($35-$55) = -$20 billion
Y = $[170 + 85 + 60 - 20] billion = $295 billion
Thus the GDP will be $295 billion (Select Option b)
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