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In the economy of Wrexington in 2008, consumption was 60% of GDP, government purchases were $212, imports were $67 and 67% of the value of exports, investment was one-half of the value of consumption. What was Wrexington’s GDP in 2008?

Respuesta :

Parrain

Based on the consumption, investment, imports and exports, the GDP for Wrexington in 2008 was $2,450

How much GDP did Wrexington have?

The exports were:

= 67 / 0.67

= $100

The GDP is x:

GDP = Consumption + Government spending + Investment + Net exports

x = 0.6x + 212 + (0.6 x 0.5 × x) + (100 - 67)

x = 0.9x + 245

0.1x = 245

x = $2,450

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