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

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
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
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
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Payroll Taxes
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
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
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)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
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-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education