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Consider the following national income accounting data for an economy in a recent year. All figures are in billions of dollars. $ Bill. Personal Taxes

Consider the following national income accounting data for an economy in a recent year. All figures are in billions of dollars.

$ Bill.
Personal Taxes 30
Social Security Contributions 15
Rents 14
Taxes on Production & Imports 18
Corporate Income Taxes 20
Interest 24
Proprietor's Income 35
Transfer Payments 12
Dividends 15
Compensation of Employees 315
Net Exports 11
Undistributed Corporate Profits 21
Government Purchases 92
Net Private Domestic Investment 33
Imports 15
Personal Consumption Expenditures 283
Consumption of Fixed Capital (Depreciation) 22
Net Foreign Factor Income 8
Corporate Profits 56
Statistical Discrepancy -35

With the above data, carefully show your steps including the economic factors involved (i.e., follow Tables 7.3, 7.4, and 7.5 in the textbook for guidelines and acceptable steps) and calculate:

Gross Domestic Product (GDP) by (i) the expenditures and (ii) the income approaches.

National Income (NI) by making the required adjustments to Net Domestic Product (NDP).

Personal Income (PI) and Disposable Personal Income (DPI).

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