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 subsidie Category Value Value $1.3 1.9 1.6 1.7 0.6 2.2 1.7 Category Corporate profits before taxes deducted Proprietorial income Rent $2 6 Exports 0.8 Net transfers and interest earnings 0.8 Nonincome expense items 0.8 Imports 8.1 Corporate taxes 1.2 Social security contributions 11.7 Government spending Interest Wages Depreciation Consumption a. Calculate the gross domestic income. $ 14.7 trillion. (Enter your response rounded to one decimal place.) Calculate GDP. S 14.7 trillion. (Enter your response rounded to one decimal place.) b. Calculate gross. private domestic investment s13 trillion. (Enter your response rounded to one decimal place.)

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Chapter1: Making Economics Decisions
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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 subsidie
Category
Value
$1.3
Category
Value
Corporate profits before taxes deducted
Proprietorial income
Rent
Interest
$2.6 Exports
0.8 Net transfers and interest earnings
0.8 Nonincome expense items
0.8 Imports
8.1 Corporate taxes
1.2 Social security contributions
11.7 Government spending
1.9
1.6
1.7
Wages
Depreciation
Consumption
0.6
2.2
1.7
a. Calculate the gross domestic income. $ 14.7 trillion. (Enter your response rounded to one decimal place.)
Calculate GDP. $ 14.7 trillion. (Enter your response rounded to one decimal place.)
b. Calculate gross private domestic investment. $ 13 trillion. (Enter your response rounded to one decimal place.)
Transcribed Image Text: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 subsidie Category Value $1.3 Category Value Corporate profits before taxes deducted Proprietorial income Rent Interest $2.6 Exports 0.8 Net transfers and interest earnings 0.8 Nonincome expense items 0.8 Imports 8.1 Corporate taxes 1.2 Social security contributions 11.7 Government spending 1.9 1.6 1.7 Wages Depreciation Consumption 0.6 2.2 1.7 a. Calculate the gross domestic income. $ 14.7 trillion. (Enter your response rounded to one decimal place.) Calculate GDP. $ 14.7 trillion. (Enter your response rounded to one decimal place.) b. Calculate gross private domestic investment. $ 13 trillion. (Enter your response rounded to one decimal place.)
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