Billions of Dollars Gross private domestic investment $2,200 Depreciation $1,887 Exports $2,820 Imports $300 Government purchases of goods and services $4,421 Personal consumption expenditures $6,200 Indirect business taxes and misc. items $1,241 Income received from other countries $1,018 Income paid to other countries $922 Compensation of employees (wages) $8,074 Corporate profits $1,795 Rental income $265 Net interest $803 Proprietors' income $1,243 If you calculate GDP by adding together the final demands of consumers, business firms, the government, and foreigners (i.e., using the expenditure approach), GDP for this economy is $ billion. Given this information, the statistical discrepancy between national income and net national product obtained when GDR is measured using the expenditure approach is billion

Billions of Dollars Gross private domestic investment $2,200 Depreciation $1,887 Exports $2,820 Imports $300 Government purchases of goods and services $4,421 Personal consumption expenditures $6,200 Indirect business taxes and misc. items $1,241 Income received from other countries $1,018 Income paid to other countries $922 Compensation of employees (wages) $8,074 Corporate profits $1,795 Rental income $265 Net interest $803 Proprietors' income $1,243 If you calculate GDP by adding together the final demands of consumers, business firms, the government, and foreigners (i.e., using the expenditure approach), GDP for this economy is $ billion. Given this information, the statistical discrepancy between national income and net national product obtained when GDR is measured using the expenditure approach is billion

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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