Question
In a simple economy, suppose that all income is either compensation of employees or profits. Suppose also that there are no indirect taxes. All
In a simple economy, suppose that all income is either compensation of employees or profits. Suppose also that there are no indirect taxes. All data are in billions of dollars. Category Value Consumption $9,500.00 Gross investment 2,800.00 1,521.00 Depreciation Profits 1,520.50 Exports Compensation of employees Government purchases 950.00 12,164.00 3,000.00 Direct taxes 1,250.00 Saving Imports 2,934.00 1,045.00 Using the expenditure approach, GDP is $ billion. (Round your response to two decimal places.) Using the income approach, GDP is $ billion. (Round your response to two decimal places.)
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Principles of Macroeconomics
Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster
12th edition
134078802, 978-0134078809
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