Consider the following hypothetical data for the U.S. economy in 2018 (in trillions of dollars), and assume that there are no statistical discrepancies or other adjustments.
Profit ........................................................................ 2.8
Indirect business taxes and transfers ................................... 0.8
Rent ......................................................................... 0.7
Interest ...................................................................... 0.8
Wages ....................................................................... 8.2
Depreciation ............................................................... 1.3
Consumption ............................................................. 12.0
Exports ..................................................................... 1.5
Government transfer payments .......................................... 2.0
Personal income taxes and nontax payments ......................... 1.7
Imports ..................................................................... 1.7
Corporate taxes and retained earnings ................................. 0.5
Social Security contributions ............................................ 2.0
Government spending .................................................... 3.8
a. What is gross domestic income? GDP?
b. What is gross private domestic investment?
c. What is personal income? Personal disposable income?