1)Briefly explain how National Income can be measured using:
a)The income method
b)The expenditure method
2)Explain the importance of National Income Account Statistics.
3)Given the following information:
Indirect taxes (650)
Subsidies (320)
Capital consumption allowance (350)
Direct taxes (1250)
Transfer payments (120)
Net national product at factor cost (6880)
Find:
i)Gross National product at market prices.
ii)Disposable Income
iii)Net National product at market prices.
4)An economy is characterised by the following information;
C=160+0.8Yd
Yd=disposable income
T=50+0.2Y
M=20+0.04Y
G=50 I=20 X=30
a)Find the savings function and interpret it.
b)Find equilibrium level of income.
c)Find equilibrium taxes and imports.
d)Find the value of government expenditure multiplier and interpret it.
e)What is government budget position at equilibrium.
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