use the income to calculate GDP in the approach economy of Spain where consumption = 5...

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use the income to calculate GDP in the approach economy of Spain where consumption = 5 billion euros, total wages for the entire economy are 4 billion, investment = 2 billion euros, Spanish firms make 5 billion worth of profits, the federal government spends 1 billion and the state and local governments spend 2 billion, imports are 1 billion and exports are 10 billion, interest income is 7 billion, and the owners of capital get 3 billion. use the income to calculate GDP in the approach economy of Spain where consumption = 5 billion euros, total wages for the entire economy are 4 billion, investment = 2 billion euros, Spanish firms make 5 billion worth of profits, the federal government spends 1 billion and the state and local governments spend 2 billion, imports are 1 billion and exports are 10 billion, interest income is 7 billion, and the owners of capital get 3 billion.

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The income approach to calculate GDP is GDP Consumption Investment Government spending N... View the full answer