Answer :
Final answer:
Calculating GDP using the expenditure approach with provided data.
Explanation:
The GDP (Gross Domestic Product) using the expenditure approach can be calculated by adding up Consumption (C), Investment (I), Government Spending (G), and Net Exports (Exports - Imports). In this case:
- Consumption: [tex]$420 billion + $[/tex]275 billion = [tex]$695 billion
- Investment: $[/tex]50 billion + [tex]$120 billion = $[/tex]170 billion
- Government Spending: [tex]$45 billion + $[/tex]300 billion = [tex]$345 billion
- Net Exports: $[/tex]80 billion - [tex]$110 billion = -$[/tex]30 billion (Exports - Imports)
Therefore, GDP = [tex]$695 billion (Consumption) + $[/tex]170 billion (Investment) + [tex]$345 billion (Government Spending) - $[/tex]30 billion (Net Exports) = $1,180 billion.
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