The list below provides some national income figures for the country of Econoland. All figures are...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The list below provides some national income figures for the country of Econoland. All figures are in millions of dollars. (9 marks) Wages and salaries Interest income Personal consumption Personal saving Personal income taxes Business profits 6500 300 5000 1300 300 600 Indirect taxes 200 Subsidies 50 Government purehases Exports Imports Net private investment Depreciation 1500 400 450 1100 200 a. Using the expenditure approach, what is the value of GDP for Econoland? b. Using the income approach, what is the value of GDP? For Econoland? c. What is the value of net domestic income at factor cost? The list below provides some national income figures for the country of Econoland. All figures are in millions of dollars. (9 marks) Wages and salaries Interest income Personal consumption Personal saving Personal income taxes Business profits 6500 300 5000 1300 300 600 Indirect taxes 200 Subsidies 50 Government purehases Exports Imports Net private investment Depreciation 1500 400 450 1100 200 a. Using the expenditure approach, what is the value of GDP for Econoland? b. Using the income approach, what is the value of GDP? For Econoland? c. What is the value of net domestic income at factor cost?
Expert Answer:
Answer rating: 100% (QA)
1 Expenditure approach Consumption Personal consumption 5000 i... View the full answer
Related Book For
Managerial accounting
ISBN: 978-0471467854
1st edition
Authors: ramji balakrishnan, k. s i varamakrishnan, Geoffrey b. sprin
Posted Date:
Students also viewed these economics questions
-
Dollars for Scholars is a national organization that provides scholarships (usually $500 to $1,000 each) to qualified high school seniors pursuing higher education. The national organization sponsors...
-
The National Hurricane Center provides data that list the numbers of large (category 3, 4, or 5) hurricanes that have struck the United States, by decade since 1851 (www.nhc.noaa.gov/dcmi.shtml). The...
-
Below are cash transactions for Goldman Incorporated which provides consulting services related to mining of precious metals? a. Cash used for purchase of office supplies, $2,400. b. Cash provided...
-
TRUE OR FALSE. 6 POINTS EACH. (Always assume "Other things equal.") 1. In economics in the short run, a firm will have both fixed and variable resources. 2. In economics, the short run is defined as...
-
Figure 10-3 demonstrates some of the tradeoffs involved when deciding to join a union. (a) Provide a graph that shows how the presence of union dues affects the decision to join a union. (Assume all...
-
Explain in words how to calculate the following types of indexes: a. Simple composite index b. Weighted composite index c. Laspeyres index d. Paasche index
-
What are the various types of refrigerant?
-
CMA Review Inc. provides review courses for students studying to take the CMA exam. The cost of textbooks is included in the registration fee. Text material requires constant updating and is useful...
-
Discuss on Inventory models ( both dependent and independent ) and support the models with examples.
-
A firm relies on R&D to maintain profitability. The firm needs to determine the maximum amount to invest today (or invest in phase I) for its three-phased project. Phase I: Research. (Invest R{)...
-
Identify the functional groups in the following molecules. (Use names from the table below. List each class of functional group only once. If there are fewer than 3 functional groups, answer boxes...
-
Let \((B, W)\) be a two-dimensional Brownian motion and define \[T_{t}=\inf \left\{s \geq 0: W_{s}>t ight\}\] Prove that \(\left(Y_{t}=B_{T_{t}}, t \geq 0 ight)\) is a Cauchy process, i.e., a process...
-
A hospitals UM committee discovers that the rate of cesarean section births at the hospital is higher than the rate at other hospitals in the region, where more women have vaginal deliveries. The UM...
-
Many people who do not smoke cigars are bothered by the odor of cigar smoke. If private contracting is impossible, will too many or too few cigars be produced and consumed? Taking all costs into...
-
U.S. Aviation Underwriters issued an aircraft insurance policy to Cash Air, Inc., covering its employees. The policy stated that to be covered under the policy, the aircraft must be flown only by a...
-
Susan Colantuono: The Career Advice You Probably Didnt Get13:57 minutes https://www.youtube.com/watch?v=JFQLvbVJVMg How do the skills Colantuono talks about matter to measuring and implementing...
-
Financial Statement Fraud Investigation There have been complaints that the Best Services Corporation (hereafter referred to as the company) may have manipulated and misrepresented its financial...
-
Vectors are drawn from the center of a regular n-sided polygon in the plane to the vertices of the polygon. Show that the sum of the vectors is zero.
-
Assume that you are a franchisee of a fast-food chain, Pita Palace, that serves made-to-order pitas. The menu, prices, and decor are dictated by the national office; further, you are required to...
-
What are the four important elements of a capital expenditure decision?
-
Greer Corporation, which uses a job-costing system, had two jobs in process at the start of the quarter: job no. J5-59 (beginning value: $95,000) and job no. X9-60 (beginning value: $39,500). It had...
-
Someone who exposes the ethical misdeeds of others in an organization is usually called a/an _________. (a) whistleblower (b) ethics advocate (c) ombudsman (d) stakeholder
-
If a manager fails to enforce a late-to-work policy for all workersthat is, by allowing some favored employees to arrive late without penaltiesthis would be considered a violation of _________. (a)...
-
According to research on ethics in the workplace, _________ is/are often a major and frequent source of pressures that create ethical dilemmas for people in their jobs. (a) declining morals in...
Study smarter with the SolutionInn App