The following Table Q3 shows component of Gross Domestic Product (GDP) in ABC country for the year 2018. Table Q3: Gross Domestic Product of ABC country in 2018 Component of Gross Domestic Product (GDP) Consumption on durable and non-durable goods Consumption of services Residential and non-residential investment Change in inventories Corporate profit Transfer payment to household from Government Government RM million 1,600 700 860 - 50 610 150 раy salaries to civil servants 320 370 Export Import Receipt of factor income from the rest of the world Payment of factor income to the rest of the world 230 840 770 Calculate: (i) Gross Domestic Product (GDP) of ABC country using the expenditure approach. (ii) Calculate the Gross National Product of ABC country in 2018.

The following Table Q3 shows component of Gross Domestic Product (GDP) in ABC country for the year 2018. Table Q3: Gross Domestic Product of ABC country in 2018 Component of Gross Domestic Product (GDP) Consumption on durable and non-durable goods Consumption of services Residential and non-residential investment Change in inventories Corporate profit Transfer payment to household from Government Government RM million 1,600 700 860 - 50 610 150 раy salaries to civil servants 320 370 Export Import Receipt of factor income from the rest of the world Payment of factor income to the rest of the world 230 840 770 Calculate: (i) Gross Domestic Product (GDP) of ABC country using the expenditure approach. (ii) Calculate the Gross National Product of ABC country in 2018.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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