Calculate GDP using the Income and Expenditure Approach (all figures are in billions of dollars): Item Government purchase of goods and services Exports Receipts of factor income from the rest of the world Depreciation (consumption of fixed capital) Amount ($) 1,721.6 1,096.3 382.7 990.8 Net fixed Investments 688.2 Corporate income taxes Consumption expenditures Indirect business taxes Imports Payments of factor income to the rest of the world Inventory change Social security contributions Undistributed corporate profits (retained earnings) Government transfer and interest payments Personal interest payments Personal taxes 265.2 6,739.4 664.6 1,475.8 343.7 56.5 702.7 130.3 1,366.3 286.2 1,235.7

Calculate GDP using the Income and Expenditure Approach (all figures are in billions of dollars): Item Government purchase of goods and services Exports Receipts of factor income from the rest of the world Depreciation (consumption of fixed capital) Amount ($) 1,721.6 1,096.3 382.7 990.8 Net fixed Investments 688.2 Corporate income taxes Consumption expenditures Indirect business taxes Imports Payments of factor income to the rest of the world Inventory change Social security contributions Undistributed corporate profits (retained earnings) Government transfer and interest payments Personal interest payments Personal taxes 265.2 6,739.4 664.6 1,475.8 343.7 56.5 702.7 130.3 1,366.3 286.2 1,235.7

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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