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A short answer is enough. It is urgently needed. Thank you Use the below table to answer the following questions: Amount (in millions Item of

  • A short answer is enough. It is urgently needed. Thank you

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Use the below table to answer the following questions: Amount (in millions Item of dollars) 1. Wages and salaries 15,000 2. Interest income 600 3. Personal consumption 11,700 4. Personal saving 90 5. Personal income taxes 150 6. Government purchases 3,000 7. Indirect taxes 525 8. Subsidies 90 9. Business profits 1.385 10. Exports 1,050 11. Net private investment 2.850 12. Imports 1.170 13. Depreciation 450 a. Which row numbers are included in the calculation of GDP using the expenditure approach? (2 Marks) b. Which row numbers are included in the calculation of GDP using the income approach? (2 Marks) c. If there was to be contractionary fiscal policy, which two items would be most directly affected and how? (4 marks)

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