Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Compensation of employees U.S. exports of goods and services Billions $ 194.2 17.8 Consumption of fixed capital 11.8 Government purchases 59.4 Taxes on production and imports 14.4 Net private domestic investment 52.1 Transfer payments 13.9 U.S. imports of goods and services 16.5 Personal taxes 40.5 Net foreign factor income 2.2 Personal consumption expenditures 219.1 Statistical discrepancy 0.0 Instructions: Round your answers to 1 decimal place. a. GDP = $ billion b. NDP = $ billion c. NI = $1 billion
Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Compensation of employees U.S. exports of goods and services Billions $ 194.2 17.8 Consumption of fixed capital 11.8 Government purchases 59.4 Taxes on production and imports 14.4 Net private domestic investment 52.1 Transfer payments 13.9 U.S. imports of goods and services 16.5 Personal taxes 40.5 Net foreign factor income 2.2 Personal consumption expenditures 219.1 Statistical discrepancy 0.0 Instructions: Round your answers to 1 decimal place. a. GDP = $ billion b. NDP = $ billion c. NI = $1 billion
Chapter1: Making Economics Decisions
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Transcribed Image Text:Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions.
Category
Compensation of employees
U.S. exports of goods and services
Billions
$ 194.2
17.8
Consumption of fixed capital
11.8
Government purchases
59.4
Taxes on production and imports
14.4
Net private domestic investment
52.1
Transfer payments
13.9
U.S. imports of goods and services
16.5
Personal taxes
40.5
Net foreign factor income
2.2
Personal consumption expenditures
219.1
Statistical discrepancy
0.0
Instructions: Round your answers to 1 decimal place.
a. GDP = $
billion
b. NDP = $
billion
c. NI = $1
billion
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