Asked by Tashae Thomas on Jul 06, 2024
Verified
GDP = C + I + G + Xn.From the outbreak of World War I (1914) until the 1970s,if Xn were not included our GDP would be
A) higher.
B) about the same.
C) lower.
World War I
A global conflict that took place primarily in Europe from 1914 to 1918, involving many of the world's great powers.
GDP
Gross Domestic Product is the term for the collective monetary or market value of every good and service completed within the limits of a country in a set timeframe.
- Grasp the concepts of GDP components and the significance of net exports.
Verified Answer
BR
Brooke RangelJul 11, 2024
Final Answer :
C
Explanation :
Without including Xn (net exports), the GDP calculation would not take into account the value of goods and services that a country exports and subtracts the value of goods and services that it imports. Therefore, the GDP would be lower without including Xn.
Learning Objectives
- Grasp the concepts of GDP components and the significance of net exports.