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
If the mining sector contributes 60% to the Gross Domestic Product (GDP), then its contribution can be calculated by multiplying the GDP by 60% (or 0.60, which is the decimal equivalent of 60%).
So, the contribution of the mining sector to the GDP is:
Contribution of mining sector = GDP x 60%
= $540 x 0.60
= $324
Therefore, the contribution of the mining sector to the GDP is $324.