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Suppose U.S. drivers purchased ​$70 billion of​ ExxonMobil-produced gasoline during a recent​ year, with​ one-half purchased directly from​ ExxonMobil-owned gas stations and​ one-half from independent​ (or third-party) gas stations. Suppose further that ExxonMobil purchased the oil​ (which it refined into​ gasoline) from foreign producers for ​$24 billion and that it receives 60 percent of the sales revenue that independent stations generate from selling ExxonMobil gasoline. In this​ case, the value added by ExxonMobil to U.S. GDP is ​$______ billion. ​(Enter your response as an integer​.)

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Answer:

GDP added by Exonmobil = $32 billion

Explanation:

Drivers purchased $70 billion Exonmobil gasoline.

Half is from Exonmobil and the other half from their party

So 70 billion/2= 35 billion for Exonmobil

And 35 billion from third parties

Exonmobil got $24billion from foreign sources so deduct from the Exonmobil figure 35 billion- 24 billion= $11 billion locally produced

60% of revenue from third party Independent stations goes to Exonmobil 0.6* 35 billion= $21 billion

Therefore total domestic product= 11 billion + 21 billion = $32 billion

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