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Calculate GDP for the economy

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Reference no: EM132643877

Problem 1: In the equation GDP = C + I + G + NX, NX stands for

A. exports.

B. expenditures.

C. exports minus imports.

D. imports minus exports.

E. export taxes.

Problem 2: Imagine an economy that produces only two goods, cheese and crackers. Calculate GDP for this economy if cheese retails for $3 a pound and 10 pounds are produced while crackers sell for $2 a pound and 20 pounds are produced.

A. $35

B. $1,200

C. $70

D. $150

E. Not enough information is given to calculate GDP.

Reference no: EM132643877

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