The national income accounts for a hypothetical country, Hypothetica, appear in the table below. a. What is the income-based estimate of GDP?  b. What is the expenditure-based estimate of GDP?  c. What is the value of the statistical discrepancy?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

The national income accounts for a hypothetical country, Hypothetica, appear in the table below.
a. What is the income-based estimate of GDP
b. What is the expenditure-based estimate of GDP? 
c. What is the value of the statistical discrepancy? 

Hypothetica's National Accounts (2017)
($billions)
Corporate Income
Exports
Wages & Salaries
Net int'l income to the rest of world
98
68
546
8
Gross Investment
157
Government Purchases
184
Indirect Taxes
75
Personal Consumption
Imports
490
27
Net Investment
78
Proprietors' Income & Rents
Statistical Discrepancy
56
Transcribed Image Text:Hypothetica's National Accounts (2017) ($billions) Corporate Income Exports Wages & Salaries Net int'l income to the rest of world 98 68 546 8 Gross Investment 157 Government Purchases 184 Indirect Taxes 75 Personal Consumption Imports 490 27 Net Investment 78 Proprietors' Income & Rents Statistical Discrepancy 56
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Lemon Model
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education