Question
1.2 Use the 2020 macroeconomic data (Figure 2) provided for LOVE Republic and answer the following questions: a . Calculate LOVE Republic's GDP by using
1.2 Use the 2020 macroeconomic data (Figure 2) provided for LOVE Republic and answer the following questions:
a. Calculate LOVE Republic's GDP by using the income approach. (2 Marks)
b. Calculate LOVE Republic's GDP by using the expenditure approach. (2 Marks)
c. Calculate LOVE Republic's Net domestic income at factor costs. (2 Marks)
d. Calculate LOVE Republic's Net domestic income at market prices. (2 Marks)
e. If LOVE Republic is able to keep a constant economic growth rate at 5% per year, how long will it take the LOVE Republic to double the size of their economy? (2 Marks)
NB: figure 2 and figure 2(continued) forms 1 table
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