Based on the information in the table, state whether the income method can be used to calculate the Gross Domestic Product. Explain your answer. 3) The table below shows Econland's transactions for 2005.ITEMSAMOUNT(S)Wages paid to labourConsumption expenditure700 000500 000Taxes150 000Transfer payments50 000Profits100 000Investments150 000175 000Government spendingExportsImportsSavings200 000200 000150 000

The Gross Domestic Product (GDP) measures the market value of all the final goods and services…

The table below shows Econland's transactions for 2005. ITEMS AMOUN T(S) 700 000 Wages paid to labour Consumption expenditure 500 000 Таxes 150 000 Transfer payments 50 000 Profits 100 000 Investments 150 000 Government spending Exports Imports Savings 175 000 200 000 200 000 150 000

The table below shows Econland's transactions for 2005. ITEMS AMOUN T(S) 700 000 Wages paid to labour Consumption expenditure 500 000 Таxes 150 000 Transfer payments 50 000 Profits 100 000 Investments 150 000 Government spending Exports Imports Savings 175 000 200 000 200 000 150 000

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

Based on the information in the table, state whether the income method can be used to calculate the Gross Domestic Product. Explain your answer.

3) The table below shows Econland's transactions for 2005.
ITEMS
AMOUN
T(S)
Wages paid to labour
Consumption expenditure
700 000
500 000
Taxes
150 000
Transfer payments
50 000
Profits
100 000
Investments
150 000
175 000
Government spending
Exports
Imports
Savings
200 000
200 000
150 000

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