Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions.CategoryBillionsCompensation of employeesU.S. exports of goods and servicesConsumption of fixed capitalGovernment purchasesTaxes on production and importsNet private domestic investmentTransfer paymentsU.S. imports of goods and services$ 224.217.811.859.414.452.113.916.5Personal taxes40.5Net foreign factor incomePersonal consumption expendituresStatistical discrepancy2.2249.10.0Instructions: Round your answers to 1 decimal place.a. GDP = $ 373.7billioninb. NDP = $ 376.3billionc. NI = $ 378.5billion

GDP is a macroeconomic measure used in the computation of the aggregate total output produced in an…

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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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
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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