Question

Personal Consumption Expenditures $10,001.30 Corporate Profits 1,066.60 Gross Private Domestic Investment 1,589.20 Indirect Business Taxes 1,001.10...

Personal Consumption Expenditures $10,001.30
Corporate Profits 1,066.60
Gross Private Domestic Investment 1,589.20
Indirect Business Taxes 1,001.10
Government Expenditures 2,914.90
Net Foreign Factor Income 146.20
Net Exports -386.40
Wages 7,954.70
Proprietor's Income 1,030.70
Rental Income 292.70
Interest Income 765.90

GDP and National Income using the actual 2009 data from the table above will be

(a) $14,119 and $11,110.6

(b) $11,110.6 and $14,119

(c) $12,119 and $10,111.6

(d) None of the above.

Pl be detailed and solve step by step

Homework Answers

Answer #1

For GDP,

Here we need to take expenditure approach,

Y = C + I + G + NX

Where , Y = GDP

C = consumption

I = investment

G=government spending

NX = (exports -imports) , net exports

= $10,001.30 + $1589.20 + $2914.90 -386.40

= $14119

For National Income,

National Income = Compensation to Employees (Wages) + Rents + Interest + Proprietor’s Income + Corporate Profits

= $7954.70 +$292.70+$765.90+$1030.70+$1066.60

= $11,110.60

correct answer is option (a)

  

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