The table below shows the national accounts for a hypothetical economy, Macronia. ($ billions) Government purchases 38 Proprietors' income and rents 25 Exports 12 Indirect taxes 23 Gross investment 34 Wages and salaries 78 Corporate income 56 Imports 12 Net investment 23 Personal consumption 79 Statistical discrepancy? a. The expenditure-based estimate of Macronia's GDP is $ billion. b. The income-based estimate of Macronia's GDP is $ billion. c. The value of the statistical discrepancy which is added to the lower estimate and subtracted from the higher estimate to find a single GDP value is $ billion. d. Macronia's GDP is $ billion. e. The value of Macronia's depreciation is $ billion.

Essentials of Economics (MindTap Course List)
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ISBN:9781337091992
Author:N. Gregory Mankiw
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Chapter17: Production And Growth
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The table below shows the national accounts for a hypothetical economy, Macronia.
($ billions)
Government purchases 38
Proprietors' income and rents 25
Exports 12
Indirect taxes 23
Gross investment 34
Wages and salaries 78
Corporate income 56
Imports 12
Net investment 23
Personal consumption 79
Statistical discrepancy?
a. The expenditure-based estimate of Macronia's GDP is $
billion.
b. The income-based estimate of Macronia's GDP is $
billion.
c. The value of the statistical discrepancy which is added to the lower estimate and subtracted from the higher estimate to find a single GDP value is $
billion.
d. Macronia's GDP is $
billion.
e. The value of Macronia's depreciation is $
billion.
Transcribed Image Text:The table below shows the national accounts for a hypothetical economy, Macronia. ($ billions) Government purchases 38 Proprietors' income and rents 25 Exports 12 Indirect taxes 23 Gross investment 34 Wages and salaries 78 Corporate income 56 Imports 12 Net investment 23 Personal consumption 79 Statistical discrepancy? a. The expenditure-based estimate of Macronia's GDP is $ billion. b. The income-based estimate of Macronia's GDP is $ billion. c. The value of the statistical discrepancy which is added to the lower estimate and subtracted from the higher estimate to find a single GDP value is $ billion. d. Macronia's GDP is $ billion. e. The value of Macronia's depreciation is $ billion.
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