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Suppose GDP is 5.0 trillion, resource extraction is 0.5 trillion, production is 1.5 trillion, and distribution is 1.0 trillion. How big is Gross Output (GO)?

Answer :

Final answer:

Gross Output (GO) is the sum of GDP and the values of resource extraction, production, and distribution. For an economy with a GDP of $5.0 trillion, resource extraction of $0.5 trillion, production of $1.5 trillion, and distribution of $1.0 trillion, the GO is $8.0 trillion.

Explanation:

If the gross domestic product (GDP) of a country is $5.0 trillion, and it consists of resource extraction worth $0.5 trillion, production worth $1.5 trillion, and distribution worth $1.0 trillion, the Gross Output (GO) can be calculated.

Gross Output (GO) is the sum of all economic activities, which includes not just the final output (GDP) but also the intermediate stages of production and distribution. Therefore, to calculate GO, we add the value of resource extraction, production, and distribution to the GDP.

GO = GDP + Resource Extraction + Production + Distribution.


GO = $5.0 trillion + $0.5 trillion + $1.5 trillion + $1.0 trillion.


GO = $8.0 trillion.

The Gross Output for this economy is therefore $8.0 trillion.

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