The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

Answer Details

To find the contribution of the mining sector, we need to multiply the GDP by the percentage contribution of the mining sector. Contribution of mining sector = GDP x Percentage contribution of mining sector/100 Contribution of mining sector = $540 x 60/100 Contribution of mining sector = $324 Therefore, the contribution of the mining sector to the GDP is $324.