THE MINING SECTOR OF AN ECONOMY CONTRIBUTES 60% TO THE GROSS DOMESTIC PRODUCT. IF THE GDP IS $540, WHAT IS THE CONTRIBUTION OF THE MINING SECTOR

January 25, 2024

The answer to the question is: C. $ 324.00

To find the contribution of the mining sector to the Gross Domestic Product (GDP), we can use the following formula:

Contribution of mining sector = (Percentage contribution to GDP / 100) * GDP

Given that the mining sector contributes 60% to the GDP, and the GDP is $540, we can calculate the contribution of the mining sector as follows:

Contribution of mining sector = (60 / 100) * $540

= 0.60 * $540 = $324

Therefore, the contribution of the mining sector to the GDP is $324.