ulate GDP using the expenditure approach for the following hypothetical country?

Answer 1

To calculate GDP using the expenditure approach, you'll need to sum up the following components:

1. Consumption (C): This includes all private expenditures by households and non-profit institutions.
2. Investment (I): This consists of business investments in equipment and structures, residential construction, and changes in business inventories.
3. Government Spending (G): This covers government expenditures on goods and services (not including transfer payments like pensions or unemployment benefits).
4. Net Exports (NX): This is calculated as exports (X) minus imports (M).

The formula for GDP using the expenditure approach is:

\[ \text{GDP} = C + I + G + (X - M) \]

To provide a more tailored answer, could you please provide the data for consumption, investment, government spending, and net exports for the hypothetical country?