Dec 11, 2006 17:14
firm produces 10 units, $5 each. sells 5 to consumers, keeps 5 as inventory, pays $10 in wages, $5 as taxes, gov pay army $15 in wages, consumers(includes army) pays $10 in taxes
calculate GDP using the product, expenditure, and income approaches
anyone who understand macroecon please tell me the GDP is $65