Consider the following hypothetical data for the U.S. economy in 2020 (in trillions of dollars), and assume
Question:
Consider the following hypothetical data for the U.S. economy in 2020 (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?
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