Question

In 2015, total spending in the U.S. was $18,472.2 billion. How much was total output and total income in 2015?

Answer 1

Total Output = Total Income = Total expenditure

The equality holds because of the way economists define investment expenditure.

Supposed all final goods & services produced were sold, then it is obvious that total output equal to expenditure.`

Also Because every transaction has a buyer and a seller, the total expenditure in the economy must equal the total income in the economy.

So

Total Output = Total Income = Total expenditure

It means in 2015, if total spending ( i.e, total expenditure ) is 18,472.2 billion then total output and total income in 2015 was also 18,472.2 billion.