Question
Assume the following annual information about a hypothetical country- Redland for 2019 (figures are in billions of dollars). Transfer payments............................................... $70 Government purchases ....................................... 220
Assume the following annual information about a hypothetical country-Redlandfor 2019 (figures are in billions of dollars).
Transfer payments............................................... $70
Government purchases ....................................... 220
Personal taxes .....................................................160
Corporate income taxes....................................... 35
Indirect business taxes less subsidies................. 50
Undistributed corporate profits ............................ 60
Net income of farm and unincorporated business 120
Wages and salaries ............................................. 500
Personal consumption expenditures ................... 520
Capital consumption allowance (depreciation) .... 90
Exports ................................................................. 350
Corporate profits (before taxes)........................... 140
Interest and investment income........................... 40
Dividends ............................................................. 45
Imports ................................................................ 320
Net investment ..................................................... 80
Net investments from non-residents....................80
What is the GDP by both the expenditure and income methods?
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