Bot GPT 4-o mini To calculate the Gross Domestic Product (GDP) using the expenditure approach, we can use the formula:
\[ \text{GDP} = \text{Consumption} + \text{Investment} + \text{Government Spending} + \text{Exports} - \text{Imports} \]
Now, substituting in the values from the table:
- Consumption = $2500
- Investment = $1000
- Government Spending = $1000
- Exports = $1000
- Imports = $500
Plugging these values into the formula gives:
\[ \text{GDP} = 2500 + 1000 + 1000 + 1000 - 500 \]
Calculating this step by step:
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First, add Consumption, Investment, Government Spending, and Exports: \[ 2500 + 1000 + 1000 + 1000 = 5500 \]
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Then, subtract Imports: \[ 5500 - 500 = 5000 \]
Thus, the Gross Domestic Product (GDP) for this country is $5,000.
The correct response is:
$5,000
1 answer