The table to the right provides some national income figures for the country of

Question

The table to the right provides some national income figures for the country of Econoland. All figures are in millions of dollars, Which row numbers are included in the calculation of GDP using the expenditure approach? The row numbers of are included in the calculation of GDP using the expenditure approach. Using the expenditure approach, how much is GDP? GDP is $ million. (Round your response to the nearest whole number) Which row numbers are included in the calculation of GDP using the income approach? The row numbers of are included in the calculation of GDP using the income approach. Using the income approach, how much is GDP? GDP is $ million. (Round your response to the nearest whole number) Which row numbers are included in the calculation of net domestic income at factor cost? The row numbers of are included in the calculation of net domestic income at factor cost. The value of net domestic income at factor cost is $ million. (Round your response to the nearest whole number)

Explanation / Answer

A) ROW NO. 3, 6,10,11,12. MEANS PRIVATE CONSUMPTION, GOVERNMENT PURCHASE, INVESTMENTS AND NET EXPORTS( EXPORT - IMPORT).

GDP = 19500 + 5000 + 4750 + 1750 - 1950 = 29050.

B) ROW NO. 1, 2, 7, 8, 9, 13. MEANS WAGES AND SALARIES, INTEREST INCOME, INDIRECT TAXES SUBSIDIES, BUSINESS PROFITS AND DEPRECIATION.

GDP = 25000 + 1000 + 875 - 150 + 2325 + 750 = 29800

C) 1, 2 ,9. MEANS WAGES, INTEREST INCOME AND BUSINESS PROFITS.

NET DOMESTIC INCOME AT FACTOR COST = 25000 + 1000 + 2325 = 28325.

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