For purpose of EC 201, write an essay about the Gross Domestic ProductGDP=C+I+/-X+G (Aggregate Expenditures)Economists in the country have estimated that the GDP, based upon employment of 300M people is $370BGiven Data:1. Real GDP=$330B2. Nominal GDP=$290B3. GNP=$315B4. Average Nominal GDP(Last five years)=$275B5. Net imports=$72B (assume that all countries trade in American dollars)6. Net exports=B (assume that all countries trade in American dollars)7. Exchange rate=1.00 (American) equals 16 Cuban Pesos8. Multiplier(given)=49. Consumption=$385B10. Investment=$25B11. Government Purchases=$30BRequest:Define all the terms in the simplified GDP formulaPlease calculate the GDP based upon the information givenPlease determine if the calculated GDP is in EQUILIBRIUM with the projected GDPWhy or why not is your calculation above in equilibrium of out of equilibriumIf you presented the government what fiscal policy would you recommend that the government adopt-explainIn Addition: Two pages
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