The table shows some of the items in an economy's National Income and Product Accounts. Calculate the difference between GDP, GNP, and national income. >>> If an answer is negative, include a minus sign. If an answer is positive, do not include a plus sign GDP minus GNP is $0.1 trillion. >>> Answer to 1 decimal place. GNP minus national income is $ 1.8 trillion. >>> Answer to 1 decimal place. Item Wages Government expenditure Interest, rent, and profit Consumption expenditure Investment Net exports Indirect taxes less subsidies Retained profits Transfer payments Personal income taxes GNP Depreciation Amount (trillions of dollars) 7.0 2.3 2.8 8.7 2.1 -0.7 0.8 2.1 1.5 1.2 12.5 1.5
The table shows some of the items in an economy's National Income and Product Accounts. Calculate the difference between GDP, GNP, and national income. >>> If an answer is negative, include a minus sign. If an answer is positive, do not include a plus sign GDP minus GNP is $0.1 trillion. >>> Answer to 1 decimal place. GNP minus national income is $ 1.8 trillion. >>> Answer to 1 decimal place. Item Wages Government expenditure Interest, rent, and profit Consumption expenditure Investment Net exports Indirect taxes less subsidies Retained profits Transfer payments Personal income taxes GNP Depreciation Amount (trillions of dollars) 7.0 2.3 2.8 8.7 2.1 -0.7 0.8 2.1 1.5 1.2 12.5 1.5
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The table shows some of the items in an economy's National Income and Product Accounts.
Calculate the difference between GDP, GNP, and national income.
>>> If an answer is negative, include a minus sign. If an answer is positive, do not include a plus sign.
GDP minus GNP is $ 0.1 trillion.
>>> Answer to 1 decimal place.
GNP minus national income is $ 1.8 trillion.
>>> Answer to 1 decimal place.
Item
Wages
Government expenditure
Interest, rent, and profit
Consumption expenditure
Investment
Net exports
Indirect taxes less subsidies
Retained profits
Transfer payments
Personal income taxes
GNP
Depreciation
Amount
(trillions of dollars)
7.0
2.3
2.8
8.7
2.1
- 0.7
0.8
2.1
1.5
1.2
12.5
1.5
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