For purpose of EC 201, write an essay about the Gross Domestic Product

For purpose of EC 201, write an essay about the Gross Domestic Product

GDP=C+I+/-X+G (Aggregate Expenditures)

Economists in the country have estimated that the GDP, based upon employment of 300M people is $370B

Given Data:

1. Real GDP=$330B

2. Nominal GDP=$290B

3. GNP=$315B

4. Average Nominal GDP(Last five years)=$275B

5. Net imports=$72B (assume that all countries trade in American dollars)

6. Net exports=$65B (assume that all countries trade in American dollars)

7. Exchange rate=1.00 (American) equals 16 Cuban Pesos

8. Multiplier(given)=4

9. Consumption=$385B

10. Investment=$25B

11. Government Purchases=$30B

Request:

  • Define all the terms in the simplified GDP formula
  • Please calculate the GDP based upon the information given
  • Please determine if the calculated GDP is in EQUILIBRIUM with the projected GDP
  • Why or why not is your calculation above in equilibrium of out of equilibrium
  • If you presented the government what fiscal policy would you recommend that the government adopt-explain

In Addition: Two pages

 
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