. The table lists items in Dreamland's national accounts. 1. Use the expenditure approach to calculate GDP....

.

Transcribed Image Text:

The table lists items in Dreamland's national accounts. 1. Use the expenditure approach to calculate GDP. GDP calculated using the expenditure approach is $ 3300. 2. Calculate net domestic income at factor cost. Net domestic income at factor cost is $. 3. Calculate net domestic income market prices. Net domestic income at market prices is $3050. 4. Use the income approach to calculate GDP. GDP calculated using the income approach is $6600 Item Government expenditure on goods and services Consumption expenditure Rent and interest Indirect taxes less subsidies Investment Wages Profit Net exports Depreciation Amount (dollars) 600 1,950 400 350 550 1,600 500 200 450 * The table lists items in Dreamland's national accounts. 1. Use the expenditure approach to calculate GDP. GDP calculated using the expenditure approach is $ 3300. 2. Calculate net domestic income at factor cost. Net domestic income at factor cost is $. 3. Calculate net domestic income market prices. Net domestic income at market prices is $3050. 4. Use the income approach to calculate GDP. GDP calculated using the income approach is $6600 Item Government expenditure on goods and services Consumption expenditure Rent and interest Indirect taxes less subsidies Investment Wages Profit Net exports Depreciation Amount (dollars) 600 1,950 400 350 550 1,600 500 200 450 *

Answer rating: 100% (QA)

CIGXM 1 GDP GDP Consumption expenditure Investment Government expendi... View the full answer