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sider the Yukon territory, which is very isolated and thus a closed economy. It has two lucers (one of potatoes (a farmer) and the other of fried potatoes (a cafe)) a government that inisters the postal service, and a consumer. Use the Yukon's national accounts data, given w, to calculate GDP using the product approach, the income approach, and the expenditure roach. Do this by filling out the tables provided below the national accounts data. Table 2: Yukon National Accounts Firms Government Consumer otato Producer Breakfast Cafe tal Revenue 4 Total Revenue 5 Tax Revenue | 3 Wage Income erest on Loan | 1| Cost of Potatoes | 1 Wages 3 Interest Income 1 Wages 1 Wages 2 Taxes Taxes 2 Taxes 1 Profits Distributed from Prod. 1 Table 3: GDP Calculations (for you to complete) Product Approach Expenditure Approach Income Approach Value added of.... Consumption Wage Income Potato Producer Investment After-Tax Profits Breakfast Cafe Govt. Expenditures Interest Income

sider the Yukon territory, which is very isolated and thus a closed economy. It has two lucers (one of potatoes (a farmer) and the other of fried potatoes (a cafe)) a government that inisters the postal service, and a consumer. Use the Yukon's national accounts data, given w, to calculate GDP using the product approach, the income approach, and the expenditure roach. Do this by filling out the tables provided below the national accounts data. Table 2: Yukon National Accounts Firms Government Consumer otato Producer Breakfast Cafe tal Revenue 4 Total Revenue 5 Tax Revenue | 3 Wage Income erest on Loan | 1| Cost of Potatoes | 1 Wages 3 Interest Income 1 Wages 1 Wages 2 Taxes Taxes 2 Taxes 1 Profits Distributed from Prod. 1 Table 3: GDP Calculations (for you to complete) Product Approach Expenditure Approach Income Approach Value added of.... Consumption Wage Income Potato Producer Investment After-Tax Profits Breakfast Cafe Govt. Expenditures Interest Income

ECON MACRO
ECON MACRO
5th Edition
ISBN:9781337000529
Author:William A. McEachern
Publisher:William A. McEachern
Chapter6: Tracking The U.s. Economy
Section: Chapter Questions
Problem 1.2P
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2 Calculate GDP for the Yukon Economy Using 3 Methods Consider the Yukon territory, which is very isolated and thus a closed economy. It has two producers (one of potatoes (a farmer) and the other of fried potatoes (a cafe)) a government that administers the postal service, and a consumer. Use the Yukon's national accounts data, given below, to calculate GDP using the product approach, the income approach, and the expenditure approach. Do this by filling out the tables provided below the national accounts data. Table 2: Yukon National Accounts Firms Government Consumer Potato Producer Breakfast Cafe Total Revenue 4 Total Revenue Tax Revenue | 3 Wage Income 6. Interest on Loan 1 Cost of Potatoes 1 Wages 3 Interest Income Wages 1 Wages Taxes Taxes Taxes 1 Profits Distributed from Prod. 1 Table 3: GDP Calculations (for you to complete) Product Approach Expenditure Approach Income Approach Value added of... Consumption Wage Income Potato Producer Investment After-Tax Profits Breakfast Cafe Govt. Expenditures Net Exports Interest Income Government Taxes GDP GDP GDP
Transcribed Image Text:2 Calculate GDP for the Yukon Economy Using 3 Methods Consider the Yukon territory, which is very isolated and thus a closed economy. It has two producers (one of potatoes (a farmer) and the other of fried potatoes (a cafe)) a government that administers the postal service, and a consumer. Use the Yukon's national accounts data, given below, to calculate GDP using the product approach, the income approach, and the expenditure approach. Do this by filling out the tables provided below the national accounts data. Table 2: Yukon National Accounts Firms Government Consumer Potato Producer Breakfast Cafe Total Revenue 4 Total Revenue Tax Revenue | 3 Wage Income 6. Interest on Loan 1 Cost of Potatoes 1 Wages 3 Interest Income Wages 1 Wages Taxes Taxes Taxes 1 Profits Distributed from Prod. 1 Table 3: GDP Calculations (for you to complete) Product Approach Expenditure Approach Income Approach Value added of... Consumption Wage Income Potato Producer Investment After-Tax Profits Breakfast Cafe Govt. Expenditures Net Exports Interest Income Government Taxes GDP GDP GDP
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