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Calculate gdp in each period

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Assume an economy with 4,000 households. each households has real income y1=700 and y2=800.

1. Use the income approach to calculate GDP in each period, denoted by Y1 and Y2 respectively

2. Each household pays a lump-sum tax of 100 units in the current period and 120 units in the future period. What is the total tax revenue in each period, denoted by T1 and T2, respectively?

Reference no: EM131344704

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