Using the following national income accounting data, compute (a) GDP, (b) NDP, and () NI. All figures are in billions. Category Billions Compensation of employees U.S. exports of goods and nervices Consumption of fixed capital Government purchases Taxes on production and imports Net private domentic investment Transfer payments U.S. imports of goods and services Personal taxes Net foreign factor income Personal consumption expenditures Statistical discrepancy $ 224.2 17.8 11.8 59.4 14.4 52.1 13.9 16.5 40.5 2.2 249.1 0.0 Instructions: Round your answers to 1 decimal place. a. GDP $ 373.7 billion
Using the following national income accounting data, compute (a) GDP, (b) NDP, and () NI. All figures are in billions. Category Billions Compensation of employees U.S. exports of goods and nervices Consumption of fixed capital Government purchases Taxes on production and imports Net private domentic investment Transfer payments U.S. imports of goods and services Personal taxes Net foreign factor income Personal consumption expenditures Statistical discrepancy $ 224.2 17.8 11.8 59.4 14.4 52.1 13.9 16.5 40.5 2.2 249.1 0.0 Instructions: Round your answers to 1 decimal place. a. GDP $ 373.7 billion
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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
Billions
Compensation of employees
U.S. exports of goods and services
Consumption of fixed capital
Government purchases
Taxes on production and imports
Net private domestic investment
Transfer payments
U.S. imports of goods and services
$ 224.2
17.8
11.8
59.4
14.4
52.1
13.9
16.5
Personal taxes
40.5
Net foreign factor income
Personal consumption expenditures
Statistical discrepancy
2.2
249.1
0.0
Instructions: Round your answers to 1 decimal place.
a. GDP = $ 373.7
billion
in
b. NDP = $ 376.3
billion
c. NI = $ 378.5
billion
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