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 i...

To calculate nominal GDP using the income approach you need to sum up all the types of income ...

The following table shows national income by the type of income for the hypothetical economy of Highlands.

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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 answer-question

Macroeconomics

ISBN: 978-1319120054

3rd Canadian edition

Authors: Paul Krugman, Robin Wells, Iris Au, Jack Parkinson

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Posted Date: Jan 25, 2024 04:46 AM

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The following table shows national income by the type of income for the hypothetical economy of Highlands.

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To calculate nominal GDP using the income approach you need to sum up all the types of income ... View the full answer

Macroeconomics

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