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The table below shows the national income statistics for a country.
Items / RM (Million)
Import / RM 6700
Export / RM 8500
Subsidies / RM 480
Consumption / RM 3400
Indirect taxes/ RM 860
Depreciation/ RM 520
Government Expenditure/ RM 4700
Investment / RM 6900
Factor income received abroad/ RM 2010
Corporate tax / RM 620
Factor income paid to abroad/ RM 1800
From the data, calculate:
a) Gross Domestic Product at market price
b) Gross National Product at market price
c) Gross National Product at factor cost
d) Gross Domestic Product at factor cost
e) National Income
Suppose that Congress imposes a tariff on import autos to protect the US in auto industries from foreign competition assuming that the United State is a price taker in the world auto Market show the following on a diagram the change in the quantity of imports the lost to us consumers the game to us manufactures government revenue and the diet weight loss associated with the tariff the loss to consumer can be decomposed into three pieces again to domestic producers revenue for the Government and that weight loss use your diagram to identify these three piece
Show the journal entries needed to correct the following errors:
(a) Purchases £1,410 on credit from A Ray had been entered in B Roy’s account.
(b) A cheque of £94 paid for printing had been entered in the cash column of the cash book
instead of in the bank column.
(c) Sale of goods £734 on credit to D Rolls had been entered in error in D Rollo’s account.
(d) Purchase of goods on credit L Hand £819 entered in the correct accounts in error as £891.
(e) Cash paid to G Boyd £64 entered on the debit side of the cash book and the credit side of
G Boyd’s account.
(f ) A sale of fittings £320 had been entered in the Sales account.
(g) Cash withdrawn from bank £200 had been entered in the cash column on the credit side of
the cash book, and in the bank column on the debit side.
(h) Purchase of goods £1,182 has been entered in error in the Furnishings account.
1. After two quarters of increasing levels of production, the CEO of Canadian Fabrication & Design was upset to learn that, during this time of expansion, productivity of the newly hired sheet metal workers declined with each new worker hired. Believing that the new workers were either lazy or ineffectively supervised (or possibly both), the CEO instructed the shop foreman to “crack down” on the new workers to bring their productivity levels up.
Show the journal entries necessary to correct the following errors:
(a) A sale of goods £412 to T More had been entered in T Mone’s account.
(b) The purchase of a machine on credit from J Frank for £619 had been completely omitted from our books.
(c) The purchase of a computer for £550 had been entered in error in the Office Expenses account.
(d) A sale of £120 to B Wood had been entered in the books, both debit and credit, as £102.
(e) Commission received £164 had been entered in error in the Sales account.
(f ) A receipt of cash from T Blair £68 had been entered on the credit side of the cash book and
the debit side of T Blair’s account.
(g) A purchase of goods £372 had been entered in error on the debit side of the Drawings
account.
(h) Discounts Allowed £48 had been entered in error on the debit side of the Discounts Received
account.
Aug2Sold goods to Mwereka Traders in the amount of shs. 850,000 on account, invoice No. 331.
3Sold goods to Pata Potea in the amount of shs. 145,000 for cash.
9Sold goods on credit to Akika in the amount of shs. 4,350,000 invoice no. 332.
12Collected amount due from Mwereka Traders.
15Sold goods to Dalali Kombo on account for shs. 1,500,000 invoice no. 333.
18Miscellaneous cash sales for the day amounted to shs. 333,000.
22Collected amount due from Akika.
25Collected the amount due from Dalali Kombo.
27Sold goods on credit to Chekanao Enterprises in the amount of shs. 4,000,000 invoice No. 334.
28Sold goods on account to Tatunane Motors amounting to shs. 750,000 invoice no. 335.
Required:
Using a Sales Journal and a Cash Receipts Journal as illustrated in the chapter record the preceding transactions for the month of August 200X; and post to the respective ledgers.
Give the total cost function
Tc(q)-Q2+10Q+100
NET profit stands for
The table below shows the national income statistics for a country.
Items / RM (Million)
Import / RM 6700
Export / RM 8500
Subsidies / RM 480
Consumption / RM 3400
Indirect taxes/ RM 860
Depreciation/ RM 520
Government Expenditure/ RM 4700
Investment / RM 6900
Factor income received abroad/ RM 2010
Corporate tax / RM 620
Factor income paid to abroad/ RM 1800
From the data, calculate:
Gross Domestic Product at market price
Gross National Product at market price
Gross National Product at factor cost
Gross Domestic Product at factor cost
National Income
a ) Describe TWO (2) causes of inflation.
b) Explain THREE(3) effects of unemployment to economics
c) List FOUR (4) characteristics of money.
d) Keynes’ view of money demand in the economy is affected by three main objectives.
Explain THREE (3) purposes of demand for money according to Keynesian Theory.
A) Explain TWO (2) uses of national income data.
b) Discuss THREE (3) problems in calculating national income .
