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ECON1001 Macroeconomic Case Study Assignment Questions Answers Help

Introduction to Microeconomics Case Study Analysis Help

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Instruction: Do all the following question.  Answer you be typed written and well presented

  1. Explain with the use of a diagram what is meant by the concept of “value added” and how it can be used to calculate GDP. (5 marks)
  2. Jamaica relies heavily on tourism. Most of the hotels and resorts in the islands are owned by foreign countries. What would be tourism largest contribution? To GDP or GNP? Explain your answer.  (1 +3 =4)
  3. Critically evaluate the following statement. “Our nation will have a higher standard of living if we can just focus on policies that provide export-led growth.” (5 marks)
  4. Explain the distinction between GNP and NNP. Explain why NNP is sometimes a better indicator of the state of the economy than GNP. (5 marks)

Refer to the information provided in Table below to answer the questions that follow.

  • Gross private domestic investment                                     586.1
  • Inventory investment                                                            -30.9
  • Compensation of employees                                                5,178.6
  • Corporate taxes                                                                       215.9
  • Exports of goods and services                                              380.4
  • Depreciation                                                                             643.5
  • Personal taxes                                                                           600.0
  • Consumption expenditure                                                      3,514.8
  • Government expenditure                                                        1,589.7
  • Indirect business taxes – subsidies                                       489.6
  • Net factor payment to the rest of the work                           -17.3
  • Residential construction                                                           553.7
  • Corporate profit                                                                          45.7
  • Government transfer payment                                                 337.1
  • Import of goods and services                                                    285.0
  • Social Insurance payments                                                        441.7

Calculate the following using the information provided in the table above. Show working:

  • Gross Private investment (4 marks)
  • Calculate the gross domestic product GDP. (4 marks)
  • Calculate gross national product (GNP). (3 marks)
  • Calculate net national product (NNP). (3 marks)
  • Calculate national income. (3 marks)
  • Calculate personal income. (3 marks)

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