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Instructions: Enter your answers as a whole number. a. Using the above data, determine GDP by both the expenditures approach and the income approach. Then determine NDP. GDP using the expenditures approach = $ 398 billion GDP using the income approach = $ 398 billion NDP = $ 371 billion b. Now determine NI in two ways: first, by making the required additions or subtractions from NDP (method 1); and second, by adding up the types of income and taxes that make up NI (method 2). Method 1 = $ 367 billion Method 2 = $ 367 billion c. Adjust NI (from part b) as required to obtain Pl. PI= $ 335 billion d. Adjust PI (from part c) as required to obtain Dl. DI = $ 327 billion

Instructions: Enter your answers as a whole number. a. Using the above data, determine GDP by both the expenditures approach and the income approach. Then determine NDP. GDP using the expenditures approach = $ 398 billion GDP using the income approach = $ 398 billion NDP = $ 371 billion b. Now determine NI in two ways: first, by making the required additions or subtractions from NDP (method 1); and second, by adding up the types of income and taxes that make up NI (method 2). Method 1 = $ 367 billion Method 2 = $ 367 billion c. Adjust NI (from part b) as required to obtain Pl. PI= $ 335 billion d. Adjust PI (from part c) as required to obtain Dl. DI = $ 327 billion

Survey of Economics (MindTap Course List)
Survey of Economics (MindTap Course List)
9th Edition
ISBN:9781305260948
Author:Irvin B. Tucker
Publisher:Irvin B. Tucker
Chapter11: Gross Domestic Product
Section: Chapter Questions
Problem 8SQP
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Instructions: Enter your answers as a whole number. a. Using the above data, determine GDP by both the expenditures approach and the income approach. Then determine NDP. GDP using the expenditures approach = $ 398 billion GDP using the income approach = $ 398 billion NDP = $ 371 billion b. Now determine NI in two ways: first, by making the required additions or subtractions from NDP (method 1); and second, by adding up the types of income and taxes that make up NI (method 2). Method 1 = $ 367 billion Method 2 = $ 367 billion c. Adjust NI (from part b) as required to obtain Pl. PI= $ 335 billion d. Adjust PI (from part c) as required to obtain Dl. DI = $ 327 billion
Transcribed Image Text:Instructions: Enter your answers as a whole number. a. Using the above data, determine GDP by both the expenditures approach and the income approach. Then determine NDP. GDP using the expenditures approach = $ 398 billion GDP using the income approach = $ 398 billion NDP = $ 371 billion b. Now determine NI in two ways: first, by making the required additions or subtractions from NDP (method 1); and second, by adding up the types of income and taxes that make up NI (method 2). Method 1 = $ 367 billion Method 2 = $ 367 billion c. Adjust NI (from part b) as required to obtain Pl. PI= $ 335 billion d. Adjust PI (from part c) as required to obtain Dl. DI = $ 327 billion
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