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ACCOUNTING SYSTEM-EXAMPLE I
Consider a very simple economy. It consists of
a. A number of households.
b. A single productive organization, a 'firm' - say the Jam Corporation.
The firm, owned by some of the households, engages in the manufacture of jam from freely available fruits and labor hired from the households. Thus the only scarce input or factor of production is labor. In a given year, the firm's accounts are as follows:
Production Account
The consolidated account of the household sector is:
Household Account
The Gross National Product (GNP) of this economy is the value of output, viz.100. The Gross National Income (GNI) is the value of payments for services of factors of production - labor and 'ownership' - viz. wages, salaries and profits which also add up to 100 as they should.
GNP = GNI for this economy.
.Clearly explain how net foreign investment links the market for loanable funds and the market for foreign currency exchange. Make sure you define net foreign investment in your an
#questionAssume that an economy''s GDP Y=5000. Also assume that the government runs a deficit where tax revenue T=1000 and government expendituresG= 1500. The consumption function
ABSOLUTE ADVANTANGE \
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