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10SQ4 - (2 Did you use the expenditure approach or income...

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Econ. 1A. Quiz 4 (Sample) ******. 1. Please show your calculation explicitly. Otherwise, only partial credit will be given. 2. Please write your answer on a piece of paper, and don’t write on this text. *****. 1. Table 1 shows some of items in Econland’s National Account and Product Accounts in 2008. Item Amount (billion of \$) Compensation of employees 5,875 Consumption expenditure 6,987 Indirect Taxes less subsidies 630 Net Interest 650 Corporate profits 732 Depreciation 1,329 Rental income of person 138 Investment 1,586 Net export - 349 Proprietor’s income 728 . Assume that there is no statistical discrepancy. Please answer the following questions: (1) Calculate Econland’s GDP in 2008. [3]
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Unformatted text preview: (2) Did you use the expenditure approach or income approach to make your calculation? Why?[1] (3) How much did Econland government spend on goods and services (G) in 2008. [2] 2. An island economy has 10 people and produces and consumes only bananas and coconuts. The base year is 2008, and the following table gives the prices and the quantity of final goods 2008 2009 2008 2009 Price (P) price (P’) output (Y) output (Y’) Bananas \$10 \$15 100 110 Coconuts \$12 \$10 50 60 . (1) Find GDP (nominal GDP) for 2008 and 2009. [2] (2) Find RGDP (Y) for 2008 and 2009. [2] (3) Find RGDP per person (Y/population) for 2008 and 2009. [2]...
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• '10
• Shieh,Yeung-Nan
• gross domestic product, National accounts, Final goods, Measures of national income and output, Econland, Econland government spend

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