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Below is a list of domestic output and national income figures for a certain year. All figures are in billions. The question that follow ask you to determine the major national income measures by both the expenditures and the income approaches. The result you obtain with the different methods should be the same. Personal Consumption Expenditures Net foreign factor income earned in the U.S. 245 4 Rents Transfer Payments Consumption of fixed capital (depreciation) Social Security Contribution Interest 14 12 27 20 13 33 Proprietors' Income Net Exports 11 16 Dividends 223 Compensation of employees Indirect Business Taxes Undistributed Corporate Profits Personal Taxes 18 21 26 Corporate Income Taxes Corporate Profits Government purchases of goods and services Net private domestic investment Personal saving 19 56 72 33 20 Required: Using the above data, determine GDP by both the expenditures and the income approaches. Then determine NDP. Now determine NI. Adjust NI as required to obtain PI. Adjust PI as required to obtain DI.

Below is a list of domestic output and national income figures for a certain year. All figures are in billions. The question that follow ask you to determine the major national income measures by both the expenditures and the income approaches. The result you obtain with the different methods should be the same. Personal Consumption Expenditures Net foreign factor income earned in the U.S. 245 4 Rents Transfer Payments Consumption of fixed capital (depreciation) Social Security Contribution Interest 14 12 27 20 13 33 Proprietors' Income Net Exports 11 16 Dividends 223 Compensation of employees Indirect Business Taxes Undistributed Corporate Profits Personal Taxes 18 21 26 Corporate Income Taxes Corporate Profits Government purchases of goods and services Net private domestic investment Personal saving 19 56 72 33 20 Required: Using the above data, determine GDP by both the expenditures and the income approaches. Then determine NDP. Now determine NI. Adjust NI as required to obtain PI. Adjust PI as required to obtain DI.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Below is a list of domestic output and national income figures for a certain year. All figures are in billions. The question that follow ask you to determine the major national income measures by both the expenditures and the income approaches. The result you obtain with the different methods should be the same. Personal Consumption Expenditures Net foreign factor income earned in the U.S. Rents 245 4 14 Transfer Payments Consumption of fixed capital (depreciation) Social Security Contribution Interest 12 27 20 Proprietors' Income Net Exports Dividends 13 33 11 16 Compensation of employees Indirect Business Taxes 223 18 Undistributed Corporate Profits Personal Taxes 21 26 Corporate Income Taxes Corporate Profits Government purchases of goods and services Net private domestic investment Personal saving 19 56 72 33 20 Required: Using the above data, determine GDP by both the expenditures and the income approaches. Then determine NDP. Now determine NI. Adjust NI as required to obtain PI. Adjust PI as required to obtain DI.
Transcribed Image Text:Below is a list of domestic output and national income figures for a certain year. All figures are in billions. The question that follow ask you to determine the major national income measures by both the expenditures and the income approaches. The result you obtain with the different methods should be the same. Personal Consumption Expenditures Net foreign factor income earned in the U.S. Rents 245 4 14 Transfer Payments Consumption of fixed capital (depreciation) Social Security Contribution Interest 12 27 20 Proprietors' Income Net Exports Dividends 13 33 11 16 Compensation of employees Indirect Business Taxes 223 18 Undistributed Corporate Profits Personal Taxes 21 26 Corporate Income Taxes Corporate Profits Government purchases of goods and services Net private domestic investment Personal saving 19 56 72 33 20 Required: Using the above data, determine GDP by both the expenditures and the income approaches. Then determine NDP. Now determine NI. Adjust NI as required to obtain PI. Adjust PI as required to obtain DI.
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