Homework Answers
Answer)
In the GDP, the underground activities and the personal services rendered to households are not included.
GDP of upper Mongoose is calculated as:
Net exports + Consumption expenditure + Investment + Purchases
GDP = 50 + 300 + 100 + 50
GDP = $500 billion
(b)
Undergound economy = $75 billion
Percentage share of Underground economy = (75/500) × 100 = 15%
(c)
If the "Stay-at-services" are also included,
New GDP = 500 + 25 = $525 billion
Increase in GDP = $25 billion
Percentage increase in GDP = (25/500)× 100 = 5%
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ECO 2251
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