Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following table gives data for a smallcountry, Magnolia: Component Expenditure (in thousands) Social Security payments $260 Depreciation $60 Gross private investment $550 Exports $240
The following table gives data for a smallcountry, Magnolia:
Component
Expenditure
(in thousands)
Social Security payments
$260
Depreciation
$60
Gross private investment
$550
Exports
$240
Imports
$330
Salaries earned by foreigners working in Magnolia
$210
Household consumption
$840
Purchases of raw materials
$310
Government purchases
$780
Capital income
$260
Salaries earned by Magnolian residents working abroad
$240
Using the expendituremethod, the data show thatMagnolia's GDP(in thousands) is $
nothing
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started