Using the following data, you calculated National Income in an early question.Wages and SalariesEmployers' contributions to Social Security and employee benefit plansMonetary value of fringe benefitsIncome earned by self-employed individualsIncome earned by unincorporated businessesStockholder dividendsRetained earnings$150,000$75,000$37,000$216,000$104,000$46,500$36,500$15,000$20,000$1,940$1,005Income from the use of a houseIncome from the use an office spaceInterest received by householdsInterest paid by householdsUsing that national income, use the following data to calculate GDP. Use the following format $100,000Income earned from the rest of the world$200,000$125,000$2,000$10,000$500Income earned by the rest of the worldIndirect business taxesCapital consumption allowanceStatistical discrepancy

Answered: Jsing the following data, you…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The GDP is the absolute of all worth-added made in an economy. The worth added implies the worth of labor and products that have been created less the worth of the labor and products expected to deliver them, the supposed halfway utilization.

Net Foreign Factor Income –the contrast between the all-out pay that a nation's residents and organizations create in unfamiliar nations, versus the absolute pay unfamiliar residents and organizations produce in the homegrown country.