Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Country of Econoland Item Amount (in dollars) 1. Wages and salaries 25,000 2. Interest income 1,000 3. Personal consumption 19,500 4. Personal saving 5,500 5.

image text in transcribedimage text in transcribed
image text in transcribedimage text in transcribed
Country of Econoland Item Amount (in dollars) 1. Wages and salaries 25,000 2. Interest income 1,000 3. Personal consumption 19,500 4. Personal saving 5,500 5. Personal income taxes 150 6. Business profits 2,325 7. Indirect taxes 875 8. Subsidies 150 9. Government purchases 5,000 10. Exports 1,750 11. Net private investment 4,750 12. Depreciation 750The table to the right gives some national income figures for the country of Econoland. All figures are in dollars. Using the income approach, the value of GDP for Econoland is $|:|. (Round your response to the nearest dollar.)

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_2

Step: 3

blur-text-image_3

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

Managers And The Legal Environment

Authors: E. Bagley

9th Edition

1337555177, 978-1337555173

More Books

Students also viewed these Economics questions

Question

What is error detection and recovery in an automated system?

Answered: 1 week ago

Question

understand the limitations of classic models of job design.

Answered: 1 week ago

Question

Values: What is important to me?

Answered: 1 week ago