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Class 12EconomicsNational Income and Related AggregatesMethods of calculating national income - Expenditure MethodEasyLevel 30

What does (X) mean in the GDP formula?

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Answer and explanation

Correct answer: Exports

In GDP = C + I + G + (X − M), X stands for exports. Exports are goods and services produced within the domestic economy and sold to buyers in other countries, so their value represents domestic production and is added to GDP. M stands for imports and is subtracted because imported goods and services are produced abroad. The term X − M is called net exports.

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economicsGDPexportsnet exportsexpenditure methodMethods of calculating national income Expenditure MethodNational Income and Related AggregatesClass 12 MCQ

Frequently asked questions

What is the correct answer to this question?

Exports

Why is this the correct answer?

In GDP = C + I + G + (X − M), X stands for exports. Exports are goods and services produced within the domestic economy and sold to buyers in other countries, so their value represents domestic production and is added to GDP. M stands for imports and is subtracted because imported goods and services are produced abroad. The term X − M is called net exports.

Which subject and chapter does this question cover?

This is a Class 12 Economics question. Chapter: National Income and Related Aggregates. Topic: Methods of calculating national income - Expenditure Method.

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10 more MCQs
  1. 1Studying income, output, and expenditure together in macroeconomics is linked with which idea?
  2. 2On what basis is national income estimated in the expenditure method?
  3. 3Private final consumption expenditure is generally denoted by which symbol in the expenditure method?
  4. 4Investment expenditure is denoted by which symbol in the expenditure method?
  5. 5Government final consumption expenditure is written with which symbol in the expenditure method?
  6. 6What is the difference between exports and imports called?
  7. 7Under the expenditure method, which of the following is classified as gross domestic capital formation?
  8. 8If C = 500, I = 150, G = 200, X = 100 and M = 80, what will be GDP at market price (GDPₘₚ)?
  9. 9Household spending on food, clothing and education falls under which category?
  10. 10Purchase of a new machine is included in which component of the expenditure method?
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