Question: What is the formula for calculating GDP by adding up all the spending in the economy?

What is the formula for calculating GDP by adding up all the spending in the economy?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

The formula for calculating GDP Gross Domestic Product by a... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

explain the term rent seeking and illustrate graphically how it could undermine efficiency in the economy

Q:

1. In the classical model, it is thought that the long-run: A. and short-run aggregate supply curves are both upward sloping. B. aggregate supply curve is vertical and the short-run aggregate supply...

Q:

What is the formula for calculating Earned Value?

Q:

1.Macroeconomics is primarily concerned with: A.the individual markets within an economy, such as the lobster industry in Maine. B.the behavior and health of a nation's economy as a whole. C.the...

Q:

The value of Australian imports is: Select one: a.added to exports, when calculating GDP, because imports reflect spending by Australians. b.subtracted from exports, when calculating GDP, because...

Q:

Please all 6 questions correctly! Question 6 (1 point) Government transfer payments, such as unemployment benefits, are counted as government spending in GDP. True False Question 7 (1 point) In the...

Q:

3 Demanueu Suppley Personal Consumption Expenditures $4,500 Consumption of Fixed Capital 150 Gross Private Domestic Investment 800 Government Purchases 950 Exports 65 11 Imports 85 Assuming that...

Q:

The spread of Covid 19 has impacted the economy of our nation. Explain the economic effect of this event to the consumers, firms and the government in Malaysia by using the 3 sectors formula in...

Q:

The spread of Covid 19 has impacted the economy of our nation. Explain the economic effect of this event to the consumers, firms and the government in Malaysia by using the 3 sectors (consumption,...

Q:

In the formula for calculating GDP, economists subtract imports because A. some consumption spending (C) is on imports. B. some business investment spending (I ) is on imports. C. all of the answers...

Q:

What is the complete electron configuration for nitrogen? Express the complete electron configurations using the caret symbol prior to the superscript and 1 space between different orbitals (ex: Li...

Q:

Keynes Manufacturing has old equipment that cost $50,000. The equipment has accumulated depreciation of $28,000 and a fair value of $26,000. Keynes has decided to sell the equipment. (a) What entry...

Q:

Use Part 1 of the Fundamental Theorem of Calculus to find the derivative of the function. intergal g ( x ) = t ^ 6 sin ( t ) dt from 6 to x

Q:

Catastrophe Management We actively monitor and manage our catastrophe risk accumulation around the world such as setting risk limits based on probable maximum loss (PML) and purchasing catastrophe...

Q:

The Rowe Family Trust and A1 Mechanical Pty Ltd formed a partnership to operate a wholesale business selling motor vehicle parts, called A1 Parts Australia. The Partnership is 50/50 and all...

Q:

A university has rapidly expanded and recently computerised its teaching and assessment processes based on a customised version of an off-the-shelf software package. The Library introduced a...

Q:

The purpose of this assignment is for students to explore the impacts of Novel Coronavirus (Covid- 19) outbreak on the Information Technology and human lifestyle. Discussion must include the...

Q:

Starbucks is known for providing a consistent, great experience every time a customer patronizes a store. Starbucks' service has kept them very successful, despite the constant expansion of the...

Q:

List the different types of jobs that are not currently being outsourced.

Q:

Explain the differences between qualitative and quantitative models and where each may be appropriate for project selection decisions.

Q:

Each of the following standards: ISO 9000, CMMI, OPM3 prescribe a process to aid organizations in producing a quality product but an organization can obtain certification at any level and still...

Q:

16. Is a drug with high affi nity and low effi cacy an agonist or an antagonist?

Q:

15. What happens to serotonin and catecholamine molecules after they stimulate a postsynaptic receptor?

Q:

8. Name the three catecholamine neurotransmitters.