Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The list below provides some national income figures for country AAA.All figures are in million dollars: Government purchases of goods and services $1,000 Indirect taxes

The list below provides some national income figures for country AAA.All figures are in million dollars:

Government purchases of goods and services$1,000

Indirect taxes175

Personal income taxes200

Wages and employee compensation (including personal income taxes)5,000

subsidies30

Consumption expenditure3900

Exports350

Capital consumption allowance (depreciation)150

Imports390

Investment950

Net interest income200

Business profits before taxes465

Personal saving1,100

a.Calculate the value of GDP using the expenditure approach

b.Calculate the value of GDP using the income approach

c.Calculate the value of net domestic income at factor cost.

d.Suppose that an industry has a total output of 63.8 billion and purchases 49 billion of intermediate inputs. How much is the value added?

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

Consumer Behaviour

Authors: Evans, Martin Evans

2nd Edition

0470994657, 9780470994658

More Books

Students also viewed these Economics questions

Question

Explain why needs motivate our behavior.

Answered: 1 week ago