Question

Given G = 100, C = 300, I = 100, Ex = 40, Im = 30, calculate GDP.

Answer 1

Gross Domestic Product (GDP) is calculated using the formula GDP = C + I + G + (Ex - Im). By substituting the given values into the formula, we find that GDP equals 510.

Step-by-step explanation:

The subject of this question is Economics, specifically the calculation of the Gross Domestic Product (GDP). To calculate GDP, the formula GDP = C + I + G + (Ex - Im) is used, where C represents consumption, I stands for investment, G is government spending, Ex is exports, and Im signifies imports.

Given the following values: C = 300, I = 100, G = 100, Ex = 40, and Im = 30, we can substitute these into the formula:

1. GDP = C + I + G + (Ex - Im)
2. GDP = 300 + 100 + 100 + (40 - 30)
3. GDP = 300 + 100 + 100 + 10
4. GDP = 510

Therefore, the GDP in this scenario would be 510.