A and B The table below shows the values for several different components of GDP.Billions ofCategoryDollarsPersonal consumption expenditures$245Net foreign factor incomeTransfer payments412Rents14Consumption of fixed capital (depreciation)Statistical discrepancy278.Social Security contributions20Interest13Proprietor's incomeNet exports3311Dividends16Compensation of employees223Taxes on production and imports18Undistributed corporate profits21Personal taxes26Corporate income taxes19Corporate profits56Government purchases72Net private domestic investment33Personal saving20Imports15Instructions: Enter your answers as whole number.a. What is the value of exports?2$billionb. What is the value of national income?$billionc. What is the GDP?$billiond. What is the value of personal income?billion%24

Answered: The table below shows the values for…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A and B

The table below shows the values for several different components of GDP.
Billions of
Category
Dollars
Personal consumption expenditures
$245
Net foreign factor income
Transfer payments
4
12
Rents
14
Consumption of fixed capital (depreciation)
Statistical discrepancy
27
8.
Social Security contributions
20
Interest
13
Proprietor's income
Net exports
33
11
Dividends
16
Compensation of employees
223
Taxes on production and imports
18
Undistributed corporate profits
21
Personal taxes
26
Corporate income taxes
19
Corporate profits
56
Government purchases
72
Net private domestic investment
33
Personal saving
20
Imports
15
Instructions: Enter your answers as whole number.
a. What is the value of exports?
2$
billion
b. What is the value of national income?
$
billion
c. What is the GDP?
$
billion
d. What is the value of personal income?
billion
%24

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Export refers to the process of selling domestic goods to the foreign country. This can be calculated by using the following formula.

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