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10 November, 18:57

For a hypothetical economy in a given year, GDP was $10,000, consumption equaled $9,800, investment equaled $125, goods exported equaled $255, and goods imported equaled $500. What was government spending equal to?

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  1. 10 November, 21:37
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    Answer: $320

    Explanation:

    Given that,

    GDP = $10,000

    Consumption = $9,800

    Investment = $125

    Goods exported = $255

    Goods imported = $500

    Net exports = Exports - Imports

    = $255 - $500

    = - ($245)

    GDP = Consumption + Investment + Government Spending + Net exports

    $10,000 = $9,800 + $125 + Government Spending + (-$245)

    Government Spending = $10,000 - $9,800 - $125 + $245

    = $320
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