Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am working out of Mcconnell Brue and Flynn Macroeconomics, Chapter 7, page 157 under problems #5 trying to identify GDP, NDP and NI from

I am working out of Mcconnell Brue and Flynn Macroeconomics, Chapter 7, page 157 under problems #5 trying to identify GDP, NDP and NI from the below information:

My Answers (did I answer this correctly?):

a.)GDP = C + Ig + G +Xn

GPD = 219.1 + (52.1 +11.8) 63.9 + 59.4 +17.8- 16.5=343.7

b.)NDP = $343.7 (GDP) - $11.8 (Consumption of Fixed Capital (depreciation)) = $331.9

c.)NI=$331.9 (NDP) - 0.0 (Statistical Discrepancy) + 2.2 (Net Foreign Factor Income (NFFI)) = $334.1

"Using the following national income accounting data, compute GDP, NDP and NI"

Compensation of Employees $194.2

US exports of good and services $17.8

Consumption of fixed capital $11.8

Government purchases $59.4

Taxes on production and imports $14.4

Net private domestic investment $52.1

Transfer payments $13.9

US Imports of goods and services $16.5

Personal taxes $40.5

Net foreign factor income $2.2

Personal consumption expenditures $219.1

Statistical discrepancy $0.0

All figures are in the billions.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistics For Business And Economics

Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams

11th Edition

978-0324783254, 324783256, 978-0324783247, 324783248, 978-0538481649

Students also viewed these Economics questions

Question

please try to give correct answer 6 4 3 .

Answered: 1 week ago