1. (15 Points) Calculate the GDP of KingLand, a fictitious economy whose numbers are listed below.
Do so using all three methods (value added, expenditure, and income). Please do indicate your
calculations clearly.
KingLand, Year 2019
Farmer Jones (private firm)
FoodCo, Inc
Corn sold to Government
$30
Cornflakes sold to Consumers
$100
Corn sold to Singapore
$25
Cornflakes sold to UK
$20
Corn sold to FoodCo, Inc
$20
Corn bought from Farmer Jones
$20
Payment to workers
$40
Salt bought from Egypt
$10
Pesticides imported&used
$10
Payment to workers
$20
Tax on profit
$15
Tax on Profit
$15
Corn Inventory
Beginning of Year
$10
End of Year
$5
KingLand Govt
Households
Taxes
$50
Taxes on wage income
$10
Purchase of Corn
$30
Unemployment benefits received
$15
Wage payments to workers
$20
Corn Flakes purchased
$100
Unemployment benefits Paid
$15