In a Small Economy for 2017, Final Consumption Spending $6,000

question 240

Multiple Choice

In a small economy for 2017, final consumption spending $6,000, inventory investment is $1,200, gross fixed capital formation is $1,500, exports are $2,000, and imports are $1,000.What is gross domestic product in 2017?

• A)$9,700
• B)$9,800
• C)$10,800
• D)$11,700
• E)$15,700

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Definitions:

Traditional Accounting

The conventional method of recording and reporting financial transactions, focused on historical data and compliance with financial regulations and standards.

Industrial Engineering

A field of engineering focused on optimizing complex processes, systems, or organizations by eliminating waste and improving efficiency.

Open Systems View

An approach that views an organization as an open system that interacts with its environment, and adapts to changes to survive and grow.

Human Resources

The department within an organization that is focused on activities relating to employees, including hiring, training, benefits, and compliance with labor laws.