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?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: