To calculate the total GDP for this economy using the given components of demand, follow these steps:
1. Identify the components of GDP. These are:
- Consumption (C): [tex]\(10.6\)[/tex] trillion dollars
- Investment (I): [tex]\(2.4\)[/tex] trillion dollars
- Government spending (G): [tex]\(3.9\)[/tex] trillion dollars
- Exports (X): [tex]\(2.8\)[/tex] trillion dollars
- Imports (M): [tex]\(3.1\)[/tex] trillion dollars
2. Calculate the total GDP using the formula:
[tex]\[
\text{GDP} = C + I + G + (X - M)
\][/tex]
3. Plug in the values from the table:
[tex]\[
\text{GDP} = 10.6 + 2.4 + 3.9 + (2.8 - 3.1)
\][/tex]
4. Perform the arithmetic step-by-step:
- First, calculate the net exports ([tex]\(X - M\)[/tex]):
[tex]\[
2.8 - 3.1 = -0.3
\][/tex]
- Next, sum the consumption, investment, government spending, and net exports:
[tex]\[
10.6 + 2.4 + 3.9 - 0.3 = 16.6
\][/tex]
5. Round your final answer to the nearest tenth.
In this case, the number [tex]\(16.6\)[/tex] is already at its nearest tenth.
Therefore, the total GDP for this economy is:
[tex]\[
\boxed{16.6} \text{ trillion dollars}
\][/tex]
