Consider the following hypothetical data for the U.S. economy in 2020 (in trillions of dollars), and assume that there are no statistical discrepancies, zero net incomes earned abroad, and zero taxes on production and imports of net subsidies. Category Value Category Value Corporate profits before taxes deducted $26 Exports 0.8 Net transfers and interest eamings 0.8 Nonincome expense items 0.8 Imports 8.1 Corporate taxes 1.2 Social security contributions 11.7 Government spending $1.3 1.9 1.6 1.7 0.6 Proprietorial income Rent Interest Wages Depreciation Consumption 22 1.7 a. Calculate the gross domestic income S trillion. (Enter your response rounded to one decimal place.) Calculate GDP. S trillion. (Enter your response rounded to one decimal place.)

Consider the following hypothetical data for the U.S. economy in 2020 (in trillions of dollars), and assume that there are no statistical discrepancies, zero net incomes earned abroad, and zero taxes on production and imports of net subsidies. Category Value Category Value Corporate profits before taxes deducted $26 Exports 0.8 Net transfers and interest eamings 0.8 Nonincome expense items 0.8 Imports 8.1 Corporate taxes 1.2 Social security contributions 11.7 Government spending $1.3 1.9 1.6 1.7 0.6 Proprietorial income Rent Interest Wages Depreciation Consumption 22 1.7 a. Calculate the gross domestic income S trillion. (Enter your response rounded to one decimal place.) Calculate GDP. S trillion. (Enter your response rounded to one decimal place.)

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter4: The Aggregate Economy

Section: Chapter Questions

Problem 5E

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