Consumption spending is $5 million, planned investment spending is $8 million, unplanned investment spending is $2 mi...
Consumption spending is $5 million, planned investment spending is $8 million, unplanned investment spending is $2 million, government purchases are $10 million, and net export spending is $2 million. What is GDP?
The answer is 27 million can someone show how they got it
Homework Answers
Answer: $27 million
Actual investment includes both planned and unplanned investment.
Investment = Planned investment spending + Unplanned investment spending
Investment = $8 million + $2 million
Investment = $10 million
GDP = Consumption + Investment + Government expenditure + Net exports
GDP = C + I + G + NX
GDP = $5 + $10 + $10 + $2
GDP = $27 million
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