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Question 1: Use the table below to answer the following questions. Item 1. Wages and salaries 2. Interest income 3. Personal consumption 4. Personal saving
Question 1: Use the table below to answer the following questions. Item 1. Wages and salaries 2. Interest income 3. Personal consumption 4. Personal saving 5. Personal income taxes 6. Government purchases 7. Indirect taxes 8. Subsidies 9. Business profits 10. Exports 11. Net private investment 12. Imports 13. Depreciation Amount (in millions of dollars) 25,000 1,000 19,500 150 150 5,000 875 150 2,325 1,750 4,750 1,950 750 a) Which row numbers are included in the Expenditure approach of GDP calculation? And how much is GDP in this approach? b) Which row numbers are included in the Income approach of GDP calculation? And how much is GDP in this approach? c) Which row numbers are included in domestic income at factor cost? And which row number are included in domestic income non-factor cost
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