This is the exact problem I was given. I'm stuck!
Here are some data for an economy. Find its GDP. Explain your calculation.
Government purchases of goods and services 360
Compensation of employees 210
Exports 28
Interest and Dividend income 23
Business fixed investment 70
Imports 40
Beginning-of-year inventory stocks 90
End-of-year inventory stocks 97
Private Consumption Expenditures 720
Household saving 25
Household taxes 150|||Expenditure approach:
GDP = Y = C+I+G+Ex-Im = 720+(97-90+70)+360 +28-40 = 1145
Rest of elements are required for another type of calculations (income method, personal income, etc..)
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