Question

Consider the following accounting statement for a small economy: Compensation of employees $10,000 Consumption of fixed...

Consider the following accounting statement for a small economy:

Compensation of employees

$10,000

Consumption of fixed capital

$100

Corporate income taxes

$200

Dividends

$350

Government purchases

$1,000

Gross private domestic investment

$1,000

Indirect business taxes

$400

Interest

$600

Net exports

-$1,000

Net foreign factor income earned in the United States

$50

Personal consumption expenditures

$12,000

Personal taxes

$1,050

Proprietors' income

$800

Rents

$200

Social Security contributions

$500

Transfer payments

$200

Undistributed corporate profits

$300

4. In this economy, GDP is equal to what amount?

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