Question: Need help with b and c Below is a list of domestic output and national income figures for a certain year. All figures are in

Need help with b and c

Need help with b and c Below is a list of domestic

Below is a list of domestic output and national income figures for a certain year. All figures are in billions. The questions that follow ask you to determine the major national income measures by both the expenditures and the income approaches. Category Billions Category Billions Personal consumption $285 Net exports 11 expenditures Net foreign factor income 4 Dividends 16 Transfer payments 12 Compensation of employees 263 Rents 14 Taxes on production and 18 imports Statistical discrepancy 8 Undistributed corporate 21 profits Consumption of fixed capital 27 (depreciation) Personal taxes 26 Social Security contributions 20 Corporate income taxes 19 Interest 13 Corporate profits 56 Proprietors' income 43 Government purchases 82 Personal saving 30 Net private domestic 33 investment Instructions: Enter your answers as a whole number. a. Using the above data, determine GDP by both the expenditures approach and the income approach. Then determine NDP. GDP using the expenditures approach = $ 438 billion GDP using the income approach = $ 438 billion NDP = $ 411 billion b. Now determine NI in two ways: first, by making the required additions or subtractions from NDP (method 1); and second, by adding up the types of income and taxes that make up NI (method 2). Method 1 = $ billion Method 2 = $ billion c. Adjust NI (from part b) as required to obtain PI. PI = $ billion d. Adjust PI (from part c) as required to obtain DI. DI = $ billion

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