If National Income (Y) = C + I + G = €2,400m, calculate the National Income if exports (X) are €300m and imports (M) are €200m (show all your workings). - Leaving Cert Economics - Question 9 - 2011
Question 9
If National Income (Y) = C + I + G = €2,400m, calculate the National Income if exports (X) are €300m and imports (M) are €200m (show all your workings).
Worked Solution & Example Answer:If National Income (Y) = C + I + G = €2,400m, calculate the National Income if exports (X) are €300m and imports (M) are €200m (show all your workings). - Leaving Cert Economics - Question 9 - 2011
Step 1
Calculate National Income using the formula Y = C + I + G + X - M
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Answer
We start by substituting the known values into the equation:
Y = €2,400m + €300m - €200m.
Calculating this gives:
Y = €2,400m + €300m - €200m = €2,500m.
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