In: Economics
Note* Please only attempt this question if you know about it. I have seen a sample and it can be calculated without the depreciation amount.
Question: Introduction to Macroeconomics
1. The table given below contains some macroeconomic data for Economy Northland.
Items |
Million ($) |
Subsidies |
54 |
Interest Income |
100 |
Wages & Salaries |
167 |
Profit |
94 |
Rental Income |
75 |
Investment Spending |
124 |
Imports |
6 |
Intermediate goods |
330 |
Raw Materials |
25 |
Exports |
24 |
Government Expenditures |
156 |
Final Consumption Spending |
304 |
Indirect Taxes |
160 |
Using the information from the table above and your knowledge, calculate the gross domestic product at market price for Economy Northland with the following approaches.
We have calculated Depreciation here by subtracting the NDP from GDP at market prices.Here the GDP which is being used has been calculated through expenditure method.Also,as per income method also the economy has been assumed to be open.Mixed income is the income of the self employed.