[Related to the Economics in Practice on p. 427] In a simple economy, suppose that all income

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[Related to the Economics in Practice on p. 427] In a simple economy, suppose that all income is either compensation of employees or profits. Suppose also that there are no indirect taxes. Calculate gross domestic product from the following set of numbers. Show that the expenditure approach and the income approach add up to the same figure.

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Principles Of Economics

ISBN: 9780593183540

10th Edition

Authors: Case, Karl E.;Oster, Sharon M.;Fair, Ray C

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