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From the following data for Country X, you are required to calculate:   GDP at market prices                                                                                             GDP at factor cost                                  NNP                                               Total consumer expenditure               400 000 Government spending                         148 000 Gross domestic capital formation       160 000 Value of physical increases in stock        8 000 Export of goods                                     72 000 Import of goods                                     68 520 Subsidies                                                  5 560 Taxes on expenditure                               6 960 Capital consumption                              22 000 Income from abroad                              31 600 Income paid abroad                               29 600 Discuss two uses of the National Income statistics          Explain why ‘transfer payments’ are excluded from National Income calculations

From the following data for Country X, you are required to calculate:   GDP at market prices                                                                                             GDP at factor cost                                  NNP                                               Total consumer expenditure               400 000 Government spending                         148 000 Gross domestic capital formation       160 000 Value of physical increases in stock        8 000 Export of goods                                     72 000 Import of goods                                     68 520 Subsidies                                                  5 560 Taxes on expenditure                               6 960 Capital consumption                              22 000 Income from abroad                              31 600 Income paid abroad                               29 600 Discuss two uses of the National Income statistics          Explain why ‘transfer payments’ are excluded from National Income calculations

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Production And Growth
Section: Chapter Questions
Problem 5CQQ
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From the following data for Country X, you are required to calculate:

 

  1. GDP at market prices                                                                                            
  2. GDP at factor cost                                 
  3. NNP                                            

 

Total consumer expenditure               400 000

Government spending                         148 000

Gross domestic capital formation       160 000

Value of physical increases in stock        8 000

Export of goods                                     72 000

Import of goods                                     68 520

Subsidies                                                  5 560

Taxes on expenditure                               6 960

Capital consumption                              22 000

Income from abroad                              31 600

Income paid abroad                               29 600

  1. Discuss two uses of the National Income statistics         
  2. Explain why ‘transfer payments’ are excluded from National Income calculations

 

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