Assume a Small Nation Has the Following Statistics: Its Consumption

question 229

Essay

Assume a small nation has the following statistics: its consumption expenditure is $15 million,investment is $2 million,government expenditure on goods and services is $1 million,exports of goods and services to foreigners is $1 million,and imports of goods and services from foreigners is $1.5 million.Calculate this nation's GDP.

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Definitions:

Predict

The act of making educated guesses about the future based on current or past data, often an essential part of statistical analysis and planning.

Variable

An element, feature, or factor that is liable to vary or change.

Direct Relationship

A situation where two variables move in the same direction, meaning that as one variable increases, the other also increases, or as one decreases, the other also decreases.

Variables

Elements, features, or factors that are likely to vary or change from one instance to another within a study or experiment.