The country of Meditor, a small country with a closed economy, uses the merit as its currency. Recent national income statistics showed that it had GDP of $600 million merits, taxes of $150 million merits, a budget surplus of $40 billion merits, and investment of $100 billion merits. What were its consumption and government expenditures on goods and services?
Answer from: soccerjessie8701
d. $390 million merits and $110 million merits
Explanation:
The computation of the consumption and the government expenditure is shown below:
As we know that
Budget Surplus = Taxes - government expenditure
$40 = $150 - government expenditure
So, the government expenditure is $110 million
In addition,
Gross domestic product = Consumption + investment + government expenditure + net exports
$600 = Consumption + $100 + $110 + $0
So, the consumption is
= $600 - $100 - $110
= $390 million
We simply applied the above formulas in order to find out the consumption and government expenditure
Answer from: Quest
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Answer from: Quest
answer; dogs;
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