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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Please help
Transcribed Image Text:Calculate GDP using the Income and Expenditure Approach (all figures are in billions of
dollars):
Amount ($)
1,721.6
1,096.3
Item
Government purchase of goods and services
Exports
Receipts of factor income from the rest of the world
Depreciation (consumption of fixed capital)
Net fixed Investments
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
382.7
990.8
688.2
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education