Economic activities in a three-sector hypothetical economy for 2020 are given below. Compute GDP using both the expenditure approach and the factor payment approach. There is no government and no depreciation. a) Agriculture: thousands of self-employed farmers. Manufacture: Sigma Auto, Inc. (a car producing company) Service: Super M (a chain of food market) b)Sigma Automobile produced 2,000 small cars, which it sold at $6,000 each, and 200 trucks, which it sold at $8,000 each. Consumers bought 1600 of the cars, and the remaining 400 cars were exported to abroad. Super Market bought all the trucks. c)Sales at Super M markets amounted to $28 million, all of it sold to consumers. d)Self-employed farmers sell all of their products to Super M.
)Economic activities in a three-sector hypothetical economy for 2020 are given below. Compute
a) Agriculture: thousands of self-employed farmers.
Manufacture: Sigma Auto, Inc. (a car producing company)
Service: Super M (a chain of food market)
b)Sigma Automobile produced 2,000 small cars, which it sold at $6,000 each, and 200 trucks, which it sold at $8,000 each. Consumers bought 1600 of the cars, and the remaining 400 cars were exported to abroad. Super Market bought all the trucks.
c)Sales at Super M markets amounted to $28 million, all of it sold to consumers.
d)Self-employed farmers sell all of their products to Super M.
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