GDP and National Income (Macro economics

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Breadcrumb Abstract Shape
Breadcrumb Abstract Shape
Breadcrumb Abstract Shape
Breadcrumb Abstract Shape
  • 10 Mar, 2021
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GDP and National Income (Macro economics

Instructions
An economy produces 1,000,000 automobiles values at $15,000 each. Of these, 700,000 are sold to consumers, 200,000 are sold to businesses, 50,000 are sold to government, and 25,000 are sold abroad. No automobiles are imported. The automobiles left unsold are kept in inventory. Find the GDP in terms of the expenditure approach.

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