ITEMS RM (millions) Agriculture 18,000 Mining 12,000 Manufacturing 22,000 Constructions 8,000 Electricity, gas and water 1,800 Transportation and communication 900 Indirect tax 800 Subsidies 700 Government services 1,700 Other services 900 Capital consumption 500 Income received from abroad 750 Income paid to abroad 450 Based on the table above, calculate: a) Gross Domestic Product (GDP) at market price. b) Gross Domestic Product (GDP) at factor cost. c) Gross National Product (GNP) at factor cost. d) national income. e) What approach did you use to make calculation in question (i)? b) The table below shows national income data for a country R. Year Nominal GNP (RM million) Price Index 2017 16 400 100 2018 18 800 108 i) Calculate real income for 2017 and 2018. ii) How much growth rate from year 2017 to 2018?

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A:

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A: We will use expenditure method of calculating national income.

Q: ) National Income   b) Net investment    c) Personal Income

A:

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A: Calculation is as follows:

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Price Ceilings and Price Floors

Price Ceilings and Price Floors strategy is used by the Government to control the prices of certain goods and services in the market. This method helps the Government to protect the interests of both buyers and suppliers in difficult economic times.