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5. Use the following data to answer the following questions (all figures are in billions of dollars): Item Amount Government purchases of goods and services
5. Use the following data to answer the following questions (all figures are in billions of dollars): Item Amount Government purchases of goods and services $1,721.6 Exports 1,096.3 Receipts of factor income from the rest of the 382.7 world Depreciation (consumption of fixed capital) 980.8 Net fixed investment 688.2 Corporate income taxes 265.2 Consumption expenditures 6,739.4 Indirect business taxes 664.6 Imports 1,475.8 Payments of factor income to the rest of the world 343.7 Inventory change 56.5 Social Security contributions 702.7 w Undistributed corporate profits (retained earnings) 130.3 Government transfer and interest payments 1,366.3 Personal interest payments 286.2 Personal taxes 1,235.7 a) What is gross domestic product? (b) What is gross national product? (c) What is net domestic product? d) What is domestic income? What is personal income? (Hint: Personal interest payments are part of the category "transfer payments and interest.") (f) What is disposable personal income? (g) What is personal saving
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