Given the Following Data, Calculate the GDP

question 96

Multiple Choice

Given the following data, calculate the GDP. wages = $500 government spending = $2,500 private investment = $2,100
Rent = $100 consumer spending = $7,800 net exports = $400

• A) GDP = $11,400
• B) GDP = $12,000
• C) GDP = $12,800
• D) GDP = $13,000

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Definitions:

Marginal Revenue

The rise in income generated by selling an additional unit of a product or service.

Marginal Revenue

The rise in income generated by selling one more unit of a product or service.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting consumers' sensitivity to price changes.