In a simpleeconomy, suppose that all income is either compensation of employees or profits. Suppose also that
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In a simpleeconomy, 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 | $ 3,000.00 |
| Profits | $ 1,848.60 |
| Exports | $ 950.00 |
| Compensation of employees | $ 12,015.00 |
| Government purchases | $ 3,000.00 |
| Direct taxes | $ 1,250.00 |
| Savings | $ 3,114.00 |
| Imports | $ 1,045.00 |
Using the income approach, GDP is (2) __________________________billion. (Round your response to two decimal places.)
Using theexpenditure approach,GDP is (1) ____________________________billion.(Roundyour response to two decimal places).
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