1. How to e calculate the. GDP by expenditure method and GDP by income approach?

1. Use the data below and calculate the followings: a. GDP by expenditure method b. GDP by income approach ' in billions National defense expenditure 40 Non-defense sectors expenditure 55 State and local governments expenditures 33 Exports 707 Imports 700 Consumer durables 150 Consumption of nondurable goods 200 Consumer's expenditure on services 50 Net foreign factor income earned in the U.S 0 Consumption of fixed capital (depreciation) 43 Nonresidential structures 30 Equipment and software 25 Residential investment 23 Inventory investment 10 Indirect business taxes 50 Wages and salaries 369 Rents 12 Interest 15 Proprietors' income 52 Corporate income taxes 36 Dividends 24 Undistributed corporate profits 22