National income accounting for a certain country in the year for 2020 is given in Table 2. Based on the table, answer the following questions. Amount in $ (million) 180 8,120 3,800 1,320 4,230 12,000...


National income accounting for a certain country in the year for 2020 is given in Table 2. Based<br>on the table, answer the following questions.<br>Amount in $<br>(million)<br>180<br>8,120<br>3,800<br>1,320<br>4,230<br>12,000<br>10,120<br>12,100<br>8,000<br>3,120<br>3,240<br>Items<br>Net factor income<br>Consumption expenditure<br>Public investments<br>Import<br>Export<br>Government expenditure<br>Wages<br>Interest, rent and profit<br>Indirect taxes<br>Subsidies<br>Depreciation<br>a) By using expenditure approach, calculate Gross Domestic Product (GDP) at market price.<br>b) By using income approach, calculate Gross Domestic Product 9GDP) at market price.<br>c) Based on your understanding on Gross Domestic Product (GDP), explain why do you think<br>that GDP Ís important, and what is the limitation of GDP?<br>

Extracted text: National income accounting for a certain country in the year for 2020 is given in Table 2. Based on the table, answer the following questions. Amount in $ (million) 180 8,120 3,800 1,320 4,230 12,000 10,120 12,100 8,000 3,120 3,240 Items Net factor income Consumption expenditure Public investments Import Export Government expenditure Wages Interest, rent and profit Indirect taxes Subsidies Depreciation a) By using expenditure approach, calculate Gross Domestic Product (GDP) at market price. b) By using income approach, calculate Gross Domestic Product 9GDP) at market price. c) Based on your understanding on Gross Domestic Product (GDP), explain why do you think that GDP Ís important, and what is the limitation of GDP?

Jun 10, 2022
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