Question

Suppose you are an economist living in the united students. your national government approaches you because of your track record with accurate economic research and asks you to be in charge of calculating the united students’ gdp for the last year. your government gives you the following numbers: government spending: $2,460,000 investments: $8,800,000 consumption: $100,000,000 imports: $25,500,000 exports: $40,250,000 what is the united students’ gdp?

Answer 1

The GDP of the United Students for the last year is calculated using the formula for GDP (C + I + G + (X - M)) which equals $100,000,000 + $8,800,000 + $2,460,000 + ($40,250,000 - $25,500,000), resulting in a GDP of $126,010,000.

Step-by-step explanation:

To calculate the Gross Domestic Product (GDP) for the United Students, the following formula is used: Consumption + Investment + Government spending + (Exports - Imports) = C + I + G + (X - M). Using the provided data, we can compute the GDP as follows:

Consumption: $100,000,000
Investment: $8,800,000
Government spending: $2,460,000
Exports: $40,250,000
Imports: $25,500,000

GDP = Consumption + Investment + Government spending + (Exports - Imports)

GDP = $100,000,000 + $8,800,000 + $2,460,000 + ($40,250,000 - $25,500,000)

Therefore, the GDP of the United Students for the last year is:

GDP = $100,000,000 + $8,800,000 + $2,460,000 + $14,750,000

GDP = $126,010,000

This calculation method is consistent with the approach economists use to measure the economic activity of a country over a specific period.