Use the Following Data to Calculate GDP: Consumption = $5,000;

question 84

Multiple Choice

Use the following data to calculate GDP: consumption = $5,000; gross investment = $800; government purchases = $700; exports = $30; imports = $60; transfer payments = $340.

• A)GDP = $7,400
• B)GDP = $7,740
• C)GDP = $3,140
• D)GDP = $6,470
• E)GDP cannot be determined due to insufficient data

---

Definitions:

Nonimportation

An agreement or policy to not import goods from a particular source, often used as a form of economic protest or sanction.

Nonconsumption

A deliberate choice or economic condition where individuals or societies choose not to purchase or consume certain goods or services.

British Goods

Products manufactured in the United Kingdom, which may include a wide range of items from clothing to technology.

Economic Boycotts

A form of protest or activism where individuals, groups, or countries refuse to purchase goods or services from a particular company, country, or organization to achieve political or economic objectives.