Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribed
\fFigure 2: 2020 Macroeconomic data Macroeconomic Data $ million Consumption expenditure 48 000 Import 42 400 Investment 11 200 Compensation of employee 51 200 Government spending 27 200 Net interest -600 Export 36 800 Rental income 8 200 Dividends -1 200 Proprietors' income 14 600

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Slavery And American Economic Development

Authors: Gavin Wright

1st Edition

0807152285, 9780807152287

More Books

Students also viewed these Economics questions

Question

What is meant by formal organisation ?

Answered: 1 week ago

Question

What is meant by staff authority ?

Answered: 1 week ago

Question

Discuss the various types of policies ?

Answered: 1 week ago

Question

Briefly explain the various types of leadership ?

Answered: 1 week ago