Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Billions Category Compensation of employees U.S. exports of goods and services Consumption of fixed capital $205.2 18.8 11.8 Government purchases Taxes on production and imports Net private domestic investment Transfer payments 59.4 14.4 52.1 13.9 U.S. imports of goods and services 16.5 Personal taxes 40.5 Net foreign factor income Personal consumption expenditures Statistical discrepancy 2.2 229.1 0.0 Instructions: Round your answers to 1 decimal place. a. GDP = $ billion b. NDP = $ |billion c. NI = $ billion
Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Billions Category Compensation of employees U.S. exports of goods and services Consumption of fixed capital $205.2 18.8 11.8 Government purchases Taxes on production and imports Net private domestic investment Transfer payments 59.4 14.4 52.1 13.9 U.S. imports of goods and services 16.5 Personal taxes 40.5 Net foreign factor income Personal consumption expenditures Statistical discrepancy 2.2 229.1 0.0 Instructions: Round your answers to 1 decimal place. a. GDP = $ billion b. NDP = $ |billion c. NI = $ billion
Chapter19: Measuring Economic Performance
Section: Chapter Questions
Problem 6P
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning