Now let ' s use the expenditure approach to calculate nominal GDP . So here we will add up all consumer spending on FINAL goods in this economy .
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4.

Now let’s use the expenditure approach to calculate nominal GDP. So here we will add up all consumer spending on FINAL goods in this economy. Remember that the final goods in this economy are fresh apricots

and also dried apricots. We have to be careful not to double count here though because some of the fresh apricots produced by Fannie are used by Darryl to make dried apricots.So first we find out how much money consumers spent on each of the final goods:How much money was spent by consumers on Fannie’s fresh apricots?A) $800,000B) $2,000,000C) $1,200,000D) $2,300,000E) none of the above are correct.
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