Describe how four uses of output help to find out gdp, Microeconomics

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Describe how four uses of output help to find out gdp

a) Explain how the four uses of Output help us to determine the GDP.

b) Calculate the GDP using only those numbers that may be relevant from the following numbers

Consumption $60B

Government purchases $10B

Taxes $15B

Private Sector Gross

Investment $10B

Savings $10B

Imports $6B

Exports $8B

c) Explain why Real GDP is more relevant for comparing the trends in GDP than a Nominal GDP?

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Microeconomics: Describe how four uses of output help to find out gdp

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Microeconomics: Describe how four uses of output help to find out gdp

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