Question

In: Economics

Note* Please only attempt this question if you know about it. I have seen a sample...

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.

  1. Using expenditure approach if it was a closed economy
  2. Using expenditure approach if it was an open economy.                                                 
  3. Using income approach.                                                                                                   

Solutions

Expert Solution

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.


Related Solutions

note: this is the first time asking a question, I know this isn't a physcology question,...
note: this is the first time asking a question, I know this isn't a physcology question, but that was the only "subject" under social sciences that came anywhere near to the topic. is that what I should have done? James Madison, in the Federalist Papers, argued that “factions” (interest groups) will balance out and neutralize each other across topics, geographic regions, interests, incomes, ethnic and religious backgrounds, and so on. Thus, no single or no few groups will dominate. In...
This is a question about Ordinary Differential Equations. For solving linear differential equations, I have seen...
This is a question about Ordinary Differential Equations. For solving linear differential equations, I have seen people use the method of integrating factors and the method of variation of parameters. Is it true that either of these 2 methods can be used to solve any linear differential equation? If so, could you show me an example where a linear differential equation is solved using both of these methods. If not, could you explain using examples as to why this is...
I need to know how to answer this question only in Excel. Please include instructions, screenshots,...
I need to know how to answer this question only in Excel. Please include instructions, screenshots, etc. in Excel which explain the process (formulas included). TropSun is a leading grower and distributer of fresh citrus products with three large citrus groves scattered around central Florida in the cities of Orlando, Eustis, and Winter Haven. TropSun currently has 275,000 bushels of citrus at the grove in Mt. Dora, 400,000 bushels at the groves in Eustis, and 300,000 bushels at the grove...
Please focus only on the variables I have provided as I have been very specific Question...
Please focus only on the variables I have provided as I have been very specific Question 1 The core elements of the Growth Employment and Redistribution (GEAR) strategy of the South African government in 1996, under the leadership of the then finance minister Trevor Manuel, were amongst other things:  budget reform to strengthen the redistributive thrust of expenditure  monetary policy to prevent a resurgence of inflation  a reduction in tariffs to contain input prices and facilitate industrial...
please respond in 150-200 words these are the only questions i do not know. 1. Have...
please respond in 150-200 words these are the only questions i do not know. 1. Have you ever driven by a poorly maintained business facility and wondered why the owner does not either fix up the property or go out of business?   Explain a scenario or situation where you have seen this and discuss why this might be the case. What factors went into determining the reason the business is still open and/or opportunities the business might have. Explain what...
Please only show me the graphs I know the answers to below problems. I don't know...
Please only show me the graphs I know the answers to below problems. I don't know how to do the graphs correctly. 1. A radar unit is used to measure speeds of cars on a motorway. The speeds are normally distributed with a mean of 90 km/hr and a standard deviation of 10 km/hr. What is the probability that a car picked at random is travelling at more than 100 km/hr? 2. For a certain type of computers, the length...
I've seen this question answered for C but I don't know how to translate to Java....
I've seen this question answered for C but I don't know how to translate to Java. Write a program that requests the hours worked in a week and the basic pay rate, and then prints the gross pay (before tax), the taxes, and the net pay (after tax). Assume the following: Basic pay rate: from user's choice Overtime (in excess of 40 hours) = time and a half (i.e., if the hours worked is 45, the hours for pay will...
what is accounting ? I want in numeric defintion. Please write only if you know. otherwise...
what is accounting ? I want in numeric defintion. Please write only if you know. otherwise please pass to other expert. If it is wrrong i will downvote . Plase dont copy pas chegg answers
Note: Please do not attempt to solve this assignment if you cannot fulfill all the requirements,...
Note: Please do not attempt to solve this assignment if you cannot fulfill all the requirements, review the "sample" journal and create the new one using the same format!!! Write journal entry on a topic of your choice from any optional reading you may have done. You may write on any concept or insight that stands out to you that is relevant and useful to your life and work. You will write a journal entry of about one page describing...
I have been getting many incorrect answers recently, if you are unsure please do not attempt....
I have been getting many incorrect answers recently, if you are unsure please do not attempt. All i ask is all parts answered and with shown or explained work. Thank you (: The following data represent the math SAT scores for a random sample of seniors from three different high schools. School A School B School C 488 445 618 592 370 525 537 382 651 470 423 647 539 523 543 Using α=0.05, perform a hypothesis test to determine...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT