Household spending on education Household spending on cars and furniture Household spending on real estate Personal Tax $980,000 $475,000 Payments Firms spending on $1,200,000 $820,000 new factories Firms spending on R&D $900,000 $520,000 State spending on education $860,000 Total Exports $790,000 State spending on $400,000 Total Imports $1,000,000 unemployment benefits Federal spending on $1,200,000 Retained Earnings $600,000 highways Interest from Government Bonds $420,000 Depreciation $490,000
Household spending on education Household spending on cars and furniture Household spending on real estate Personal Tax $980,000 $475,000 Payments Firms spending on $1,200,000 $820,000 new factories Firms spending on R&D $900,000 $520,000 State spending on education $860,000 Total Exports $790,000 State spending on $400,000 Total Imports $1,000,000 unemployment benefits Federal spending on $1,200,000 Retained Earnings $600,000 highways Interest from Government Bonds $420,000 Depreciation $490,000
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Please answer fast
![Use the data below to calculate the Personal Income for this sample economy
Household spending on
Personal Tax
$980,000
$475,000
education
Payments
Household spending on
cars and furniture
Household spending on
real estate
Firms spending on
$1,200,000
$820,000
new factories
Firms spending on
$900,000
$520,000
R&D
State spending on
$860,000
Total Exports
$790,000
education
State spending on
unemployment benefits
$400,000
Total Imports
$1,000,000
Federal spending on
highways
Interest from
$1,200,000
Retained Earnings
$600,000
$420,000
Depreciation
$490,000
Government Bonds
Select one:
a. $6,490,000
b. $6,015,000
c. I'll take 2 points
d. $6,000,000
e. $5,125,000
f. $5,525,000
g. $4,725,000
o h. $5,600,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe4ef9123-5f59-430a-9fde-8ced410b276f%2F301f2210-a445-4230-b05b-c4c4b854507f%2Fdpvqttc_processed.png&w=3840&q=75)
Transcribed Image Text:Use the data below to calculate the Personal Income for this sample economy
Household spending on
Personal Tax
$980,000
$475,000
education
Payments
Household spending on
cars and furniture
Household spending on
real estate
Firms spending on
$1,200,000
$820,000
new factories
Firms spending on
$900,000
$520,000
R&D
State spending on
$860,000
Total Exports
$790,000
education
State spending on
unemployment benefits
$400,000
Total Imports
$1,000,000
Federal spending on
highways
Interest from
$1,200,000
Retained Earnings
$600,000
$420,000
Depreciation
$490,000
Government Bonds
Select one:
a. $6,490,000
b. $6,015,000
c. I'll take 2 points
d. $6,000,000
e. $5,125,000
f. $5,525,000
g. $4,725,000
o h. $5,600,000
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
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
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
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
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
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)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
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-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education