Suppose gdp in this country is $780 million. enter the amount for consumption. national income account value (millions of dollars) government purchases ( g ) 200 taxes minus transfer payments ( t ) 260 consumption ( c ) investment ( i ) 280

$300 million

Explanation:

Gross domestic product refers to the sum of consumption expenditure, government expenditure and Investment expenditure.

Therefore, the value of consumption is calculated as follows:

GDP = Consumption + Investment + Government purchases

$780 = Consumption + $280 + $200

Consumption = $780 - $280 - $200

                       = $300 million

answerthe above statement is (true);