Business, 13.04.2021 21:30 terencehouse

A small island nation has 400 people, 100 of which are wage earners who earn an average of $50 per year. Each wage earner spends $40 per year buying local goods and services and $3 buying imports. The island exports a total of $800 worth of goods. The Government tax rate is 10% and all government money is spent on building infrastructure and supporting schools. There is only one industry (uranium mining) on the island and it employs every wage earner. The industry spends $600 each year on new mining equipment. What is the GDP?

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A small island nation has 400 people, 100 of which are wage earners who earn an average of $50 per y...

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