The following table shows national income by the type of income for the hypothetical economy of Highlands.
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Question:
The following table shows national income by the type of income for the hypothetical economy of Highlands.
Income Data for Highlands
Type of Income | Amount of Income (billions of dollars) |
Rent | $300 |
Wages | 800 |
Interest | 150 |
Profits and losses | 400 |
Indirect business taxes | 70 |
Depreciation | 180 |
Net foreign interest income | 50 |
Instructions: Enter your answers as a whole number.
a. Using the income approach, what is the value of nominal GDP for Highlands?
Related Book For
Macroeconomics
ISBN: 978-1319120054
3rd Canadian edition
Authors: Paul Krugman, Robin Wells, Iris Au, Jack Parkinson
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