Billions of Dollars1970Itema. Personal Consumptionb. Capital Consumption Allow ancec. Personal Interest Paymentsd. Indirect Business Taxese. Corporate Dividendsf. Federal Purchases of Goods and Servicesg. Inventory Changeh. Social Security Contributionsi. Nonresidential Fixed Investmentj. Exportsk. Personal Taxes1. After-tax Corporate Profitsm. Government Transfer and Interest Paymentsn. Corporate Income Taxeso. Importp. State and Local Purchases of Goods and Servicesg. Residential Fixed Investment36060260803004022024030040018044090280340140Employing the data from the table above, what is the level of Gross Domestic Product? Note:you do NOT need to use all the figures in the table, but only those pertaining to the componentsof the GDP: C + I+G +NX.

GDP by expenditure method = Personal consumption + Gross investment + Government spending + Net…

Item Personal Consumption Capital Consumption Allowance Personal Interest Payments Billions of Doll 1970 360 60 Indirect Business Taxes 260 Corporate Dividends Federal Purchases of Goods and Services 80 300 Inventory Change Social Security Contributions Nonresidential Fixed Investment 40 220 240 300 Exports Personal Taxes After-tax Corporate Profits .Government Transfer and Interest Payments Corporate Income Taxes Import State and Local Purchases of Goods and Services 400 180 440 90 280 340 Residential Fixed Investment 140

Item Personal Consumption Capital Consumption Allowance Personal Interest Payments Billions of Doll 1970 360 60 Indirect Business Taxes 260 Corporate Dividends Federal Purchases of Goods and Services 80 300 Inventory Change Social Security Contributions Nonresidential Fixed Investment 40 220 240 300 Exports Personal Taxes After-tax Corporate Profits .Government Transfer and Interest Payments Corporate Income Taxes Import State and Local Purchases of Goods and Services 400 180 440 90 280 340 Residential Fixed Investment 140

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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