### Refer to the data for 2019 below to answer the following questions:#### The Equivalence of Expenditure and Income (in Billions of Dollars)| **Expenditure** | **Income** ||------------------------------------------------|-------------------------------------|| **C: Consumer goods and services** | **Wages and salaries** | $11,434 || **I: Investment in plants, equipment, and inventory** | **Corporate profits** | $2,075 || | **Proprietors' income** | $1,658 || | **Rents** | $778 || **G: Government goods and services** | **Interest** | $645 || | **Taxes on output and imports** | $1,494 || **X: Exports** | **Depreciation** | $3,463 || **M: Imports** | **Statistical discrepancy** | -$120 || **GDP: Total value of output** | **Total value of income** || $21,427 | $21,427 |### Instructions:Enter your responses as a percentage rounded to one decimal place.#### What share of U.S. total income in 2019 consisted of:a. **Wages and salaries?**```____ %```b. **Corporate profits?**```____ %```### Detailed Description:This table shows the equivalence of expenditure and income for the United States in 2019, measured in billions of dollars. The expenditure side (left) includes consumer goods and services, investment in plants, equipment, and inventory, government goods and services, and exports minus imports. The income side (right) breaks down into wages and salaries, corporate profits, proprietors' income, rents, interest, taxes on output and imports, depreciation, and a statistical discrepancy.To solve the questions posed:1. **Calculate the percentage of wages and salaries in the total income:** \[ \text{Percentage of wages and salaries} = \left( \frac{\text{Wages and salaries}}{\text{Total value of income}} \right) \times 100 \]2. **Calculate the percentage of corporate profits in the total income:** \[ \text{Percentage of corporate profits} = \left(

GivenU.S. total income in 2019 =$21,427 billionWage and salaries =$11,434 billionCorporate profit…

Refer to the data for 2019 below to answer the following questions: The Equivalence of Expenditure and Income (in Billions of Dollars) Expenditure C: Consumer goods and services 1: Investment in plants, equipment, and inventory G: Government goods and services X: Exports M: Imports GDP: Total value of output % $14,561 b. Corporate profits? 3,744 3,754 2,504 (3,136) $21,427 Wages and salaries Corporate profits Proprietors' income Income Instructions: Enter your responses as a percentage rounded to one decimal place. What share of U.S. total income in 2019 consisted of a. Wages and salaries? Rents Interest Taxes on output and imports Depreciation Statistical discrepancy Total value of income $11,434 2,075 1,658 778 645 1,494 3,463 (120) $21,427

Refer to the data for 2019 below to answer the following questions: The Equivalence of Expenditure and Income (in Billions of Dollars) Expenditure C: Consumer goods and services 1: Investment in plants, equipment, and inventory G: Government goods and services X: Exports M: Imports GDP: Total value of output % $14,561 b. Corporate profits? 3,744 3,754 2,504 (3,136) $21,427 Wages and salaries Corporate profits Proprietors' income Income Instructions: Enter your responses as a percentage rounded to one decimal place. What share of U.S. total income in 2019 consisted of a. Wages and salaries? Rents Interest Taxes on output and imports Depreciation Statistical discrepancy Total value of income $11,434 2,075 1,658 778 645 1,494 3,463 (120) $21,427

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 following expenditure equation is utilised to measure the economy: GDP = C + I + G + (X-M) Analyse each of the situations below and state which expenditures (or parts of the expenditures) would be counted under which of the four segments of the GDP expenditure equation, ie C, I, G or (X-M). a. The purchase of Australian made furniture by a business for use in its cafe. b. The purchase of foreign made furniture by a business for use in its café. c. The purchase of wood by a business to manufacture furniture which will then be sold to Australian and foreign customers. d. The purchase of 100 shares in ANZ Bank through a stockbroker. e. Purchase of a 10-year-old foreign-made second-hand car from a Car Sales business in Parramatta, NSW. f. A pension paid by the Australian Government to an old age pensioner. g. You babysit for your nieces and nephews so your sister and her husband can go out for dinner.
Refer to the data for 2019 below to answer the following questions: The Equivalence of Expenditure and Income (in Billions of Dollars) Expenditure C: Consumer goods and services 1: Investment in plants, equipment, and inventory G: Government goods and services X: Exports M: Imports GDP: Total value of output % b. Corporate profits? $14,561 % 3,744 3,754 2,504 Wages and salaries Corporate profits Proprietors' income Instructions: Enter your responses as a percentage rounded to one decimal place. What share of U.S. total income in 2019 consisted of a. Wages and salaries? Income Rents Interest Taxes on output and imports Depreciation Statistical discrepancy (3,136) $21,427 = Total value of income $11,434 2,075 1,658 778 645 1,494 3,463 (120) $21,427
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