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You're a senior economist working at the IMF (making $200,000 USD, tax free), and you have just been told you have to fly to a country on the cusp of a civil war for two weeks to review Article 4 mission. Once you get there you realize they have not constructed GDP. The economy is under an embargo with no trade or foreign financial flows. You get the below data based on agricultural, manufacturing and retail sectors. As soon as you get all the data, tanks roll up to your hotel and UN officials evacuate you out the back door to the airport and you fly back to D.C.. Once back you calculate and report GDP for your Article 4 report using the following data:
Agricultural sector
Total Output
$60.0
Wages
$15.0
Interest on Loan
$1.5
Indirect Taxes
$4.5
Manufacturing sector
$90.0
Cost of agricultural goods
$36.0
$12.0
$9.0
Government (Military)
Tax Revenue
$16.5
Consumers
Wage Income
$43.5
Interest Income
Profits
$72.0
Taxes
$3.0
(a) Calculate GDP based on the expenditure method.
(b) Calculate GDP based on the income method.
(c) Calculate GDP based on the value added method
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