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Given the Following Data for the Economy, Compute the Value

Question 1

Multiple Choice

Given the following data for the economy, compute the value of GDP.  Government purchases of goods and services 10 Consumption Expenditures 70 Exports 5 Imports 12 Change in inventories 7 Construction of new homes and apartments 15 Sales of existing homes and apartments 22 Government payments to retirees 17 Business fixed investment 9\begin{array} { | l l | } \hline \text { Government purchases of goods and services } & 10 \\\text { Consumption Expenditures } & 70 \\\text { Exports } & 5 \\\text { Imports } & 12 \\\text { Change in inventories } & - 7 \\\text { Construction of new homes and apartments } & 15 \\\text { Sales of existing homes and apartments } & 22 \\\text { Government payments to retirees } & 17 \\\text { Business fixed investment } & 9 \\\hline\end{array}


A) 56
B) 83
C) 90
D) 141

Correct Answer:

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