The following table shows some national accounting data for a given year for a hypothetical country. Table 1 National Accounting Data ($billions) Capital depreciation Change in business inventory Compensation of employees Corporate profit Durable goods $950 (billions) 50 5000 800 600 Exports 200 Factor payments from the rest of the world 360 Factor payments to the rest of the world 300 Farm income Gross private domestic investment 300 1000

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Use either the expenditure approach or the income approach to calculate the following national income statistics based on the data given in Table 1.  

  1. Calculate the country's gross domestic product (GDP)
The following table shows some national accounting data for a given year for a hypothetical country.
Table 1 National Accounting Data ($billions)
Capital depreciation
$950 (billions)
Change in business inventory
50
Compensation of employees
5000
Corporate profit
800
Durable goods
600
Exports
200
Factor payments from the rest of the world
360
Factor payments to the rest of the world
300
Farm income
300
Gross private domestic investment
1000
Government spending
800
Imports
150
Net interest
600
Non-durable goods
2000
Non-farm income
700
Proprietors' income
1000
Rental income
100
Services
4000
Transcribed Image Text:The following table shows some national accounting data for a given year for a hypothetical country. Table 1 National Accounting Data ($billions) Capital depreciation $950 (billions) Change in business inventory 50 Compensation of employees 5000 Corporate profit 800 Durable goods 600 Exports 200 Factor payments from the rest of the world 360 Factor payments to the rest of the world 300 Farm income 300 Gross private domestic investment 1000 Government spending 800 Imports 150 Net interest 600 Non-durable goods 2000 Non-farm income 700 Proprietors' income 1000 Rental income 100 Services 4000
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