National income accounting for a certain country in the year for 2020 is given in Table 2. Based on the table, answer the following questions. 国 Amount in $ (million) 180 8,120 3,800 1,320 4,230 12,000 10,120 12,100 8,000 3,120 3,240 Items Net factor income Consumption expenditure Public investments Import Export Government expenditure Wages Interest, rent and profit Indirect taxes Subsidies Depreciation a) By using expenditure approach, calculate Gross Domestic Product (GDP) at market price. b) By using income approach, calculate Gross Domestic Product 9GDP) at market price. c) Based on your understanding on Gross Domestic Product (GDP), explain why do you think that GDP is important, and what is the limitation of GDP?
National income accounting for a certain country in the year for 2020 is given in Table 2. Based on the table, answer the following questions. 国 Amount in $ (million) 180 8,120 3,800 1,320 4,230 12,000 10,120 12,100 8,000 3,120 3,240 Items Net factor income Consumption expenditure Public investments Import Export Government expenditure Wages Interest, rent and profit Indirect taxes Subsidies Depreciation a) By using expenditure approach, calculate Gross Domestic Product (GDP) at market price. b) By using income approach, calculate Gross Domestic Product 9GDP) at market price. c) Based on your understanding on Gross Domestic Product (GDP), explain why do you think that GDP is important, and what is the limitation of GDP?
Survey of Economics (MindTap Course List)
9th Edition
ISBN:9781305260948
Author:Irvin B. Tucker
Publisher:Irvin B. Tucker
Chapter11: Gross Domestic Product
Section: Chapter Questions
Problem 13SQ
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![National income accounting for a certain country in the year for 2020 is given in Table 2. Based
on the table, answer the following questions.
Amount in $
(million)
180
8,120
3,800
1,320
4,230
12,000
10,120
12,100
8,000
3,120
3,240
Items
Net factor income
Consumption expenditure
Public investments
Import
Export
Government expenditure
Wages
Interest, rent and profit
Indirect taxes
Subsidies
Depreciation
a) By using expenditure approach, calculate Gross Domestic Product (GDP) at market price.
b) By using income approach, calculate Gross Domestic Product 9GDP) at market price.
c) Based on your understanding on Gross Domestic Product (GDP), explain why do you think
that GDP Ís important, and what is the limitation of GDP?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2eb5ff3f-4ced-46a8-9bf0-53836ef85e4b%2Ff1303569-0aed-425b-97cc-b12890ca61be%2Flr2apo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:National income accounting for a certain country in the year for 2020 is given in Table 2. Based
on the table, answer the following questions.
Amount in $
(million)
180
8,120
3,800
1,320
4,230
12,000
10,120
12,100
8,000
3,120
3,240
Items
Net factor income
Consumption expenditure
Public investments
Import
Export
Government expenditure
Wages
Interest, rent and profit
Indirect taxes
Subsidies
Depreciation
a) By using expenditure approach, calculate Gross Domestic Product (GDP) at market price.
b) By using income approach, calculate Gross Domestic Product 9GDP) at market price.
c) Based on your understanding on Gross Domestic Product (GDP), explain why do you think
that GDP Ís important, and what is the limitation of GDP?
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