Question
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.
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