Question
Yorkland is a small island nation the total population of the island is 1000 out of which 200 earn wage that is on average $50
Yorkland is a small island nation
the total population of the island is 1000 out of which 200 earn wage that is on average $50 per year
each wage earner spends $ 44 per year to buy consumer goods and services out of which $4 is spent for buying the goods and services from the other nations
the island exports a total of $1500 worth of goods
the government of the island imposes income tax for the islands hospital and school
there are only two businesses (services provider and food factory) on the island and they employ the above mentioned 200 wage earners
the service business spends $600 each year for buying new equipment while the food factory spends$400
what is the gdp (total output) of the island nation
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