EC202-A1S10 - EC 202(01) Assignment # 1 S10 Question One...

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EC 202(01) - Assignment # 1 - S10 1 Question One Table 1 gives data for the Canadian economy in 1960: Table 1 Item $ million Personal consumption  expenditures on goods and services 25 280 Government current expenditure on goods and services   5 181 Indirect taxes less subsidies   4 587 Wages and salaries 20 141 Accrued net income of farm operators   1 026 Exports of goods and services   6 709 Depreciation   4 769 Gross Investment   9 153 Corporation profits before taxes   3 946 Interest and miscellaneous investment income   1 174 Imports of goods and services   7 222 Net income of non-farm unincorporated business, including rent  3 458 a) Calculate net domestic income at factor cost b) Calculate GDP income-based c) Calculate GDP expenditure-based
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EC 202(01) - Assignment # 1 - S10 2 Question Two In 1995 GDP was $780B $16B in income (interest and dividends) was paid to Canadians by foreigners $49B of income (interest and dividends) was paid to foreigners by Canadians a) What is the value of net factor payments received by Canadians?  b) What is the value of GNP? Question Three GDP is defined as the market value of all final goods and services produced within a country in a  given period of time. In spite of this definition, some production is left out of GDP. Explain why some  final goods and services are not included. Question Four Explain why the value of intermediate goods produced and sold during the year are not included  separately as part of GDP, but intermediate goods produced and not sold are included separately 
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EC202-A1S10 - EC 202(01) Assignment # 1 S10 Question One...

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