The following table contains information about a small economy. Review the table and answer the question...
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The following table contains information about a small economy. Review the table and answer the question by filling in the blanks below. Constant 2007 Item dollars Indirect taxes less subsides 233 Other factor Income 270 Government Expenditure 325 Investment 275 Exports 350 Imports 275 Gross Domestic Product 1375 Depreciation 220 If one uses the income approach to calculate GDP then, the following category is missing [A]. The information presented in the table confirms that the net investment is [B] and so the capital stock is [C]. Any product is produced using certain amount of resources, there are no such things like free lunch. Here the retailer gives the car as a free gift to only one of his customer and the money to buy the car will be taken from the profit generated from his sales. From the winner's perspective the car is free but from economic perspective the car is bought from the sales revenue generated. The following table contains information about a small economy. Review the table and answer the question by filling in the blanks below. Constant 2007 Item dollars Indirect taxes less subsides 233 Other factor Income 270 Government Expenditure 325 Investment 275 Exports 350 Imports 275 Gross Domestic Product 1375 Depreciation 220 If one uses the income approach to calculate GDP then, the following category is missing [A]. The information presented in the table confirms that the net investment is [B] and so the capital stock is [C]. Any product is produced using certain amount of resources, there are no such things like free lunch. Here the retailer gives the car as a free gift to only one of his customer and the money to buy the car will be taken from the profit generated from his sales. From the winner's perspective the car is free but from economic perspective the car is bought from the sales revenue generated.
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To calculate GDP that is gross domestic product we use following formula GDPCIGXM C... View the full answer
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