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Unformatted text preview: GDP in this economy using product approach, the income approach and the expenditure approach. Please use the following template to illustrate your answers. Gross Production Statement Costs Receipts Raw Materials Sales of Product Other Business Expenses Inventory Change Gross Value of Inputs Gross Value of Output GDP Production Statement Costs Receipts Sales of Product- Raw Materials Inventory Change Value Added from Inputs Value Added to Output b. What is GNP in this economy? Now consider an alternative case in which foreigners own the coal producer, so that the profits of the domestic coal go to foreigners and are not distributed to domestic consumers. Determine GNP and GDP in this case. Answer the following questions from the textbook:...
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- Spring '08