Consider the following national income accounting data for an economy in a recent year. All figures are
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Question:
Consider the following national income accounting data for an economy in a recent year. All figures are in billions of dollars.
$ Bill. | |
Personal Taxes | 30 |
Social Security Contributions | 15 |
Rents | 14 |
Taxes on Production & Imports | 18 |
Corporate Income Taxes | 20 |
Interest | 24 |
Proprietor's Income | 35 |
Transfer Payments | 12 |
Dividends | 15 |
Compensation of Employees | 315 |
Net Exports | 11 |
Undistributed Corporate Profits | 21 |
Government Purchases | 92 |
Net Private Domestic Investment | 33 |
Imports | 15 |
Personal Consumption Expenditures | 283 |
Consumption of Fixed Capital (Depreciation) | 22 |
Net Foreign Factor Income | 8 |
Corporate Profits | 56 |
Statistical Discrepancy | -35 |
With the above data, carefully show your steps including the economic factors involved (i.e., follow Tables 7.3, 7.4, and 7.5 in the textbook for guidelines and acceptable steps) and calculate:
Gross Domestic Product (GDP) by (i) the expenditures and (ii) the income approaches.
National Income (NI) by making the required adjustments to Net Domestic Product (NDP).
Personal Income (PI) and Disposable Personal Income (DPI).
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