Question
1.The table below is the data for an economy ITEM Value ($ millions) Wages & Salaries 2,000 Household Final Consumption 1,200 Consumption of Fixed Capital
1.The table below is the data for an economy
ITEM Value ($ millions)
Wages & Salaries 2,000
Household Final Consumption 1,200
Consumption of Fixed Capital (Depreciation) 50
Gross Fixed Capital Formation 200
Exports 60
Rent 100
Government Final Consumption 250
Imports 50
Corporation Income 600
Interest & Dividends 10
Net Income from Farm Production 300
Show formula and all work. Calculate the Income-based GDP.
1.The table below is the data for Senecaville (2 Marks):
Year Average Level of Prices ($) Quantity of Output
2000 15 950
2010 20 850
2020 25 1,500
a.Calculate the GDP for 2000, 2010, and 2020.
b.By using 2010 as the base year, what are the price indexes for 2000 and 2020?
c.By using the price indexes calculated in part b, express GDP in Senecaville for 2000, 2010, and 2020.
d.Is the economy expanding equally each year? Why or why not?
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Cambridge International AS And A Level Economics Coursebook
Authors: Colin Bamford, Susan Grant
3rd Edition
1107679516, 978-1107679511
