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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