Question: 1.The table below is the data for an economy (3 Marks): ITEM Value ($ millions) Wages & Salaries 2,000 Household Final Consumption 1,200 Consumption of

1.The table below is the data for an economy (3 Marks):

ITEM

Value ($ millions)

Wages & Salaries

2,000

Household Final Consumption

1,200

Consumption of Fixed Capital (Depreciation)

50

Gross Fixed Capital Formation

200

Exports

60

Rent

100

Government Final Consumption

250

Imports

50

Corporation Income

600

Interest & Dividends

10

Net Income from Farm Production

300

Show formula and all work. Calculate the Expenditure-based GDP.

  1. THE TABLE BELOW IS THE DATA FOR SENECAVILLE.

Year Average Level of Prices ($) Quantity of Output

2000 15 650

2010 20 1,000

2020 25 1,500

a.Calculate the GDP for 2000, 2010, and 2020.

b.By using 2010 as the base year, what are the price indexes for 2000 and 2020?

c.By using the price indexes calculated in part b, express GDP in Senecaville for 2000, 2010, and 2020.

d.Is the economy expanding equally each year? Why or why not?

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