Refer to the data for 2019 below to answer the following questions:The Equivalence of Expenditure and Income (in Billions of Dollars)ExpenditureC: Consumer goods and services1: Investment in plants, equipment, andinventoryG: Government goods and servicesX: ExportsM: ImportsGDP: Total value of output%b. Corporate profits?$14,561%3,7443,7542,504Wages and salariesCorporate profitsProprietors' incomeInstructions: Enter your responses as a percentage rounded to one decimal place.What share of U.S. total income in 2019 consisted ofa. Wages and salaries?IncomeRentsInterestTaxes on output and importsDepreciationStatistical discrepancy(3,136)$21,427 = Total value of income$11,4342,0751,6587786451,4943,463(120)$21,427

'Gross Domestic Product' is the term we use for the total value of everything a country makes in a set time, usually a year. It's about all those final products made within the country's borders.(a)Wages and Salaries = Wages and Salaries/ Total of incomeWages and Salaries = (11,434/21,427)*100Wages and Salaries = 0.53363*100Wages and Salaries = 53.363%(b)Corporate profits = Corporate profits/ Total of incomeCorporate profits = (2,075/21,427)*100Corporate profits = 0.0968*100Corporate profits = 9.68%Final Answer:(a)The share of wages and salaries in the US total income is 53.363%(b)The share of corporate profits in the US total income is 9.68%

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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 I: 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 (3,136) $21,427 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 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 I: 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 (3,136) $21,427 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 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

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