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Introduction to Economics💰
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"Research In Motion (RIM) expands its factories in Ontario (instead of improving BlackBerry!)."
In calculating GDP using the expenditure approach, this will be a part of:
"Canadian firms purchase merchandise from South Korea."
In calculating GDP using the expenditure approach, this will be a part of:
The following table shows expenditure values of an economy.
| Spending Item | Value (Millions of Dollars) |
| Exports | 612 |
| Household Final Consumption | 1155 |
| Imports | 596 |
| Business Investments | 524 |
| Government Expenditure | 697 |
What is the value of this economy's GDP based on the expenditure approach?
Answer: millions of dollars.
Suppose Canada's real GDP increases from 1.641 to 1.656 trillion dollars in one year, and Canada's population increases from 36.84 to 37.76 million in the same year.
The growth rate of our real GDP is %.
Hint: in your calculations, you can ignore the words trillion and million since they will cancel out anyway. So don't enter a hundred zeros into your calculator!
Given the above information, we will have:
Select all choices that apply.