Thank you for visiting Using the expenditure approach what is GDP if Consumption is 10 trillion Investment is 3 trillion Government spending is 4 trillion Imports are 5 trillion. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Using the expenditure approach, GDP can be calculated by adding up consumption, investment, government spending, and net exports (exports minus imports). Given the values provided, the GDP would be 15 trillion.
To calculate GDP using the expenditure approach, we sum up the components of consumption, investment, government spending, and net exports. In this case, consumption is given as 10 trillion, investment is 3 trillion, government spending is 4 trillion, imports are 5 trillion, and exports are 3 trillion.
To calculate net exports, we subtract imports from exports: 3 trillion - 5 trillion = -2 trillion (negative value indicates a trade deficit).
Finally, we add up consumption, investment, government spending, and net exports:
10 trillion + 3 trillion + 4 trillion + (-2 trillion) = 15 trillion.
Therefore, based on the given values, the GDP using the expenditure approach would be 15 trillion.
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