Question: The table shows data from the United Kingdom in 2005. Items Billions of pounds Wages paid to labour .685 Consumption expenditure .791 Taxes .394 Transfer

The table shows data from the United Kingdom in 2005.
Items Billions of pounds
Wages paid to labour ………………………….685
Consumption expenditure …………………….791
Taxes ………………………………………….394
Transfer payments ……………………………267
Profits …………………………………………273
Investment …………………………………….209
Government expenditure …………………….267
Exports ………………………………………..322
Saving ………………………………………... 38
Imports ………………………………………..366
a. Calculate GDP in the United Kingdom.
b. Explain the approach (expenditure or income) that you used to calculate GDP.

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