In Millions of Dollars Net Income Owed to Foreigners 5,590 Depreciation 8,700 In addition to Inventories 6,575 Interest Earned 45,860 Exports 74,525 Imports 90,540 After-Tax Corporate Profits 280,850 After-Tax Profits of Partnerships 147,275 Rental Payments 105,440 Department of Defense Expenditures 545,675 Equipment Purchases 75,800 Unpaid Household Labor 200,350 Business Taxes 130,525 Wages Earned 948,495 Department of Education Expenditures 164,825 Household Consumption Spending 895,875 illegal Market Consumption Expenditures 335,850 Social Security Expenditures 593,950
In Millions of Dollars Net Income Owed to Foreigners 5,590 Depreciation 8,700 In addition to Inventories 6,575 Interest Earned 45,860 Exports 74,525 Imports 90,540 After-Tax Corporate Profits 280,850 After-Tax Profits of Partnerships 147,275 Rental Payments 105,440 Department of Defense Expenditures 545,675 Equipment Purchases 75,800 Unpaid Household Labor 200,350 Business Taxes 130,525 Wages Earned 948,495 Department of Education Expenditures 164,825 Household Consumption Spending 895,875 illegal Market Consumption Expenditures 335,850 Social Security Expenditures 593,950
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Use the information in the table below to calculate GDP using both the income and expenditure approaches. Each item will be used AT MOST once. Some items should not be used at all. Show
your work.
In Millions of Dollars
Net Income Owed to Foreigners 5,590
Depreciation 8,700
In addition to Inventories 6,575
Interest Earned 45,860
Exports 74,525
Imports 90,540
After-Tax Corporate Profits 280,850
After-Tax Profits of Partnerships 147,275
Rental Payments 105,440
Department of Defense Expenditures 545,675
Equipment Purchases 75,800
Unpaid Household Labor 200,350
Business Taxes 130,525
Wages Earned 948,495
Department of Education Expenditures 164,825
Household Consumption Spending 895,875
illegal Market Consumption Expenditures 335,850
Social Security Expenditures 593,950
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