Page 5515. Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI.All figures are in bilions.Compensation of employees$194.2U.S. exports of goods and services17.8Consumption of fixed capital11.8Government purchases59.4Taxes on production and imports14.4Net private domestic investment52.1Transfer paymentsU.S. Imports of goods and services13.916.5Personal taxes40.5Net foreign factor income2.2Personal consumption expenditures219.1Statistical discrepancy

Answered: 5. Using the following national income…

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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Page 551
5. Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI.
All figures are in bilions.
Compensation of employees
$194.2
U.S. exports of goods and services
17.8
Consumption of fixed capital
11.8
Government purchases
59.4
Taxes on production and imports
14.4
Net private domestic investment
52.1
Transfer payments
U.S. Imports of goods and services
13.9
16.5
Personal taxes
40.5
Net foreign factor income
2.2
Personal consumption expenditures
219.1
Statistical discrepancy

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Step 1

GROSS DOMESTIC PRODUCT:-

It is the total goods and services produces in a country within a year. Net domestics is calculated by deducting the depreciation from the GDP. GDP is used as a measure of the growth of a country.

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