Assume the economic activity of the economy in a given year consists of the following:
Steel producers fabricate Php. 4 billion of farm machinery, which is sold to farmers;
Farmers produce 40 million sacks of rice, which is sold for Php. 25 billion to millers. The farm machinery depreciates Php. 2 billion,
Millers process the rice and keep half in inventory, valued at Php. 30 billion. The remaining rice is sold to retailers also for Php. 30 billion;
Retailers sell the rice for Php. 40 billion;
The government spends Php. 15 billion in payrolls, of which Php. 12 billion is financed by indirect taxes.
a. What is the numerical value of Gross National product using the expenditure approach?
b. What is the value of GNP using the value-added approach?
c. What is the value of Net National Product?
d. What is the value of National Income?