In the Accompanying Table for a Particular Country, C Is

question 61

Multiple Choice

In the accompanying table for a particular country, C is consumption expenditures, Ig is gross investment expenditures, G is government expenditures, X is exports, and M is imports.All figures are in billions of dollars.If the equilibrium level of real GDP is $43 billion, its level of consumption will be

• A)$20 billion.
• B)$22 billion.
• C)$24 billion.
• D)$26 billion.

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Definitions:

Work-In-Process

Partially finished goods that are still in the process of production, representing an inventory category on the balance sheet.

Finished Goods

Products that have completed the manufacturing process but have not yet been sold or distributed to customers.

Raw Material Costs

The expenses associated with the acquisition of raw materials used in the production of goods.

Labor Costs

The total sum of all wages paid to employees, as well as the cost of employee benefits and payroll taxes incurred by an employer.