Question
The Happy Land is an isolated island with three sectors: agriculture, manufacturing, and services. This year, the total revenue for the service sector was $20
The Happy Land is an isolated island with three sectors: agriculture, manufacturing, and services. This year, the total revenue for the service sector was $20 million of which $5 million was spent on buying raw materials from the agricultural sector. The output of the agricultural sector was $10 million, and its output was sold to the manufacturing and service sectors. The total revenue for the manufacturing sector was $25 million. The total labour income was $25 million and the total consumption expenditure was $20 million. Calculate GDP of Happy Land
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