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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.

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.

Economics:
Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter4: The Aggregate Economy
Section: Chapter Questions
Problem 6E
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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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