If the economy of a country can be summarized to the following events on a given year. Price per unit Quantities/units 1,000,000 25 Meals taken from restaurants Food purchased by restaurants 2,000,000 8 Social security and pension payments by government 500,000 100 White goods and electronic products 100,000 250 New cars produced locally 9,000 20,000 Second hand cars 15,000 8,000 2,000 250,000 Purchase of new flats in country's main city Selling of iron ore to China 20,000 100 Purchase of rice from Vietnam 8,000 70 Students enrolmen,ts at university 2,000 10,000 Governement building hospital 1 150,000,000 25 Purchase of clothes 1,000,000 Required: Calculate the GDP in specific year based on the information given in the table. Show your working.

If the economy of a country can be summarized to the following events on a given year. Price per unit Quantities/units 1,000,000 25 Meals taken from restaurants Food purchased by restaurants 2,000,000 8 Social security and pension payments by government 500,000 100 White goods and electronic products 100,000 250 New cars produced locally 9,000 20,000 Second hand cars 15,000 8,000 2,000 250,000 Purchase of new flats in country's main city Selling of iron ore to China 20,000 100 Purchase of rice from Vietnam 8,000 70 Students enrolmen,ts at university 2,000 10,000 Governement building hospital 1 150,000,000 25 Purchase of clothes 1,000,000 Required: Calculate the GDP in specific year based on the information given in the table. Show your working.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

If the economy of a country can be summarized to the following events on a
given year.
Price per unit
Quantities/units
1,000,000
25
Meals taken from restaurants
Food purchased by restaurants
2,000,000
8
Social security and pension payments by
government
500,000
100
White goods and electronic products
100,000
250
New cars produced locally
9,000
20,000
Second hand cars
15,000
8,000
2,000
250,000
Purchase of new flats in country's main city
Selling of iron ore to China
20,000
100
Purchase of rice from Vietnam
8,000
70
2,000
10,000
Students enrolmen,ts at university
Governement building hospital
1
150,000,000
25
Purchase of clothes
1,000,000
Required:
Calculate the GDP in specific year based on the information given in the table.
Show your working.

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