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Below is a list of domestic output and national income figures for a certain year. All figures are in billions. The questions that follow ask
Below is a list of domestic output and national income figures for a certain year. All figures are in billions. The questions that follow ask you to determine the major national income measures by both the expenditures and the income approaches. Instructions: Enter your answers as a whole number. a. Using the above data, determine GDP by both the expenditures approach and the income approach. Then determine NDP. GDP using the expenditures approach =$ billion GOP using the income approach =$ biltion a. Using the above data, determine GDP by both the expenditures approach and the income approach. Then determine NDP. GDP using the expenditures approach =$ billion GDP using the income approach =$ billion NDP=$ billion b. Now determine NI in two ways: first, by making the required additions or subtractions from NDP (method 1); and second, by adding up the types of income and taxes that make up NI (method 2). Method 1=$ billion Method 2=$ billion c. Adjust NI (from part b) as required to obtain PI. bitlion d. Adjust PI (from part c) as required to obtain DI. DI=$ bitllon
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