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n the economy of Talikastan in 2015, consumption was $700, exports were $200, government purchases were $300, imports were $150, and investment was $400. What was Talikastan’s GDP in 2015? a. $1350 b. $1450

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sebastiansierraocm

Answer:

b. $1450

Explanation:

The formula to calculate GDP is:

GDP = C + I + G + NX (X-M)

Where:

  • C = consumption
  • I = Investment
  • G = government purchases
  • NX = Net Exports (Exports - Imports)
  • X = Exports
  • M = Imports

Now, we plug the amounts into the formula:

GPD = 700 + 400 + 300 + 50 (200 - 150)

        = 1,450

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