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Important to estimate national income of a country

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Reference no: EM131179852

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: EM131179852

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