Thank you for visiting In an open economy GDP is 12 trillion this year Consumption is 8 trillion and government spending is 2 trillion Taxes are 0 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 :
Answer:
$4 trillion
Explanation:
Gross domestic product is the sum of all final goods and services produced in an economy within a given period which is usually a year.
GDP in an open economy is calculated using this formula:
Consumption spending + Investment spending + Government Spending + Net Export
Net Export = export - import
$1 trillion - $3 trillion = $-2 trillion
$12 trillion = $8 trillion + Investment spending + $2 trillion - $2 trillion
Investment spending = $12 trillion - $8 trillion = $4 trillion
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Rewritten by : Jeany
