SOLUTION: University of South Florida Omans Economic Profile Government Expenditure Case Study

Hey There, I’m Done with case study, Feel Free to ask for any Revisions. 😎 here it is. Feel free to ask for revisions.1Oman’s Economic ProfileStudent NameInstitutionCourse NameInstructor NameMarch 8, 20212Case Study Questions1. Using at least two methods to calculate GDP, describe what comprises Oman’s economy.Make sure to use the information above in writing what makes up Oman’s GDP. (5 marks)The Gross Domestic Product (GDP), is the market value or monetary value of the all thefinished services and goods in a country’s border. The GDP can be compared to as the wholedomestic production and serves as an ultimate scorecard to the economic health of our country.Therefore to calculate the GDP of the country the following methods will be used; TheExpenditure Approach and the Production Approach.The Expenditure Approach: this is also identified as the spending approach and mainlyfocuses on the spending of the different groups that contribute to the economy. Therefore theexpenditure approach is calculated utilizing the following formula: GDP= C+G+I+NX (wherebythe c represent consumption, G is government spending, I is investment and NX is the netexport). All these activities as seen in the case study contribute to the GDP of Oman.The Production Approach: this method of calculating the GDP is basically the oppositeof the expenditure approach. The production approach mainly focuses on an estimation of theoverall value of the economic output, while removing the cost of intermediate goods thatconsumer in the process, it is the opposite of the expenditure approach which focuses on theestimating the input costs that lead to economic activity. Additionally this approach “looksbackward form the vantage point of a state of completed economic activity” (Fernando, 2013).As compared to the expenditure approach that focuses on projecting forward form the costs.Therefore in regards to this method of calculation, the GDP the country is comprised of theIndustrial and Service Sector.32. Can the Sultanate rely on agriculture to grow its economy? Justify your answer. (2.5marks)The Sultanate cannot rely of Agriculture mainly because it lacks the capacity to supportthe economy. It has been identified that agriculture and fisheries, contributes to 2.2% of the GDPand employs only 4.6% of the workforce. Meaning that its contribution is very minimal. Asmentioned befor…

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