Suppose the economy is closed with national saving of $3 trillion, consumption of $10 trillion, and government purchases of $4 trillion. What is GDP?

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Question:

Suppose the economy is closed with national saving of $3 trillion, consumption of $10 trillion, and government purchases of $4 trillion. What is GDP?

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Answer:The correct answer is: $17 trillion.Explanation:The Gross Domestic Product or GDP represents the overall market value of all the goods and services a country produces and it measures the size of the economy. The GDP is determined with the following formula:GDP = C +  G + I + NXwhere:C: private consumption or consumer spendingG: government spendingI: businesses' capital spendingNX: net exports (exports - imports)In the example:GDP = $3 trillion + $10 trillion + $4 trillion = $17 trillion

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