Thank you for visiting In an open economy the GDP is 12 trillion this year Consumption is 8 trillion and government spending is 2 trillion Taxes are 0 5. 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 :
The true statement is $2 trillion (inflows) is in an open economy the gdp is $12 trillion this year. consumption is $8 trillion, and government spending is $2 trillion. taxes are $0.5 trillion. exports are $1 trillion, and imports are $3 trillion.
How is the GDP determined in an open economy?
As a result, the definition of GDP is as follows: GDP = Consumption + Investment + Government Spending + Net Exports, or, to put it another way, GDP = C + I + G + NX, where consumption (C) denotes private consumption expenditures by households and nonprofit organizations, and investment (I) denotes business expenditures.
What is meant by an open economy?
An open economy is one that interacts openly with other economies around the world. • An open economy interacts with the other nations in two ways. • It trades goods and services on international marketplaces.
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