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?
A) $15 million
B) $23 million
C) $25 million
D) $27 million
B
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Refer to the table above. If the market is perfectly competitive, the equilibrium quantity of calculators is:
A) 3 units. B) 5 units. C) 6 units. D) 8 units.
The two types of market structures that are imperfectly competitive are:
A. perfect competition and monopolistic competition. B. oligopoly and monopoly. C. monopoly and perfect competition. D. monopolistic competition and oligopoly.
An economic system that permits the conduct of business with minimal government intervention
a. free enterprise b. traditional economy c. incentive d. safety net e. socialism
If a constant-cost, perfectly competitive industry experiences an increase in the demand for its product, we would expect
A) only the market price of the good to increase. B) both the market price and quantity supplied to increase. C) decreases in the market price, but increases in quantity supplied. D) only the quantity supplied of the product to increase.