Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. CategoryBillionsCompensation of employees$226.2U.S. exports of goods and services19.8Consumption of fixed capital11.8Government purchases59.4Taxes on production and imports14.4Net private domestic investment52.1Transfer payments13.9U.S. imports of goods and services16.5Personal taxes40.5Net foreign factor income2.2Personal consumption expenditures249.1Statistical discrepancy0.0 Instructions: Round your answers to 1 decimal place. a. GDP = $ billion b. NDP = $ billion c. NI= $ billion

Gross domestic product (GDP) by expenditure approach adds up the desired spending by the below four…

Answered: Using the following national income…

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter5: Gross Domestic Product

Section: Chapter Questions

Problem 11SQ

See similar textbooks

Related questions

Question

Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions.

Category	Billions
Compensation of employees	$226.2
U.S. exports of goods and services	19.8
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	249.1
Statistical discrepancy	0.0

Instructions: Round your answers to 1 decimal place.

a. GDP = $ billion

b. NDP = $ billion

c. NI= $ billion

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions