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Gross national product of economy

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Reference no: EM131181506

a) Why is it important to estimate National Income of a Country?  What difficulties do economists encounter while carrying out such a task particularly in developing countries?

b)   The table below represents economic transactions for country XYZ in billions of shillings:

                                                            Total output                              Intermediate purchases

Agriculture                                            30                                                   10

Manufacturing                                       70                                                   45

Services                                                 55                                                   25

Required:

i) Calculate the Gross National Product of this economy using the value added approach.

ii) If depreciation and indirect taxes equal 8 billion and 7 billion shillings respectively, find the Net Domestic Product both at Market prices and at factor cost.

c) Briefly explain the multiplier and accelerator principles.

Reference no: EM131181506

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