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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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