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Items Consumption of goods and services Corporate Income taxes Corporate retained earnings Depreciation allowances Exports Government expenditures on goods and services Government Net Income transfers to Households Gross Fixed Investment Imports Indirect taxes net of subsidies Interest on government debt Interest paid by producers in the production and service sectors Net income from abroad Non-cash Labour income Personal income taxes Rent of building and equipment Total corporate profit Total earned Labour income including self employed wages, Supplementary labour income and Farmers income) Total non-Corporate Profit (income from nonfarm unincorporated business) Variation in the stock of inventories Billions of Dollars 500 30 40 85 220 200 70 150 210 00 25 20 10 20 90 30 85 530 35 15 (ii) Calculate National Income c) Calculate National Income via the income approach. Does this match with your answer to question (b)(ii)? d) Explain why your answers to questions c) and b (ii) should match each other. 1 Cartago Research and Development, 3/1/2021 9:40 AM Ansignment 2 Introductory Macroeconomics, Winter 2021. Introductory macroeconomics assignment 2 Winter 2021 01/03/2021 9:40 AM 2 e) What is the usefulness for economic policy of estimating GDP using the expenditure approach? f) (1) Calculate personal income (ii) Calculate disposable income (iii) Calculate personal savings Items Consumption of goods and services Corporate Income taxes Corporate retained earnings Depreciation allowances Exports Government expenditures on goods and services Government Net Income transfers to Households Gross Fixed Investment Imports Indirect taxes net of subsidies Interest on government debt Interest paid by producers in the production and service sectors Net income from abroad Non-cash Labour income Personal income taxes Rent of building and equipment Total corporate profit Total earned Labour income including self employed wages, Supplementary labour income and Farmers income) Total non-Corporate Profit (income from nonfarm unincorporated business) Variation in the stock of inventories Billions of Dollars 500 30 40 85 220 200 70 150 210 00 25 20 10 20 90 30 85 530 35 15 (ii) Calculate National Income c) Calculate National Income via the income approach. Does this match with your answer to question (b)(ii)? d) Explain why your answers to questions c) and b (ii) should match each other. 1 Cartago Research and Development, 3/1/2021 9:40 AM Ansignment 2 Introductory Macroeconomics, Winter 2021. Introductory macroeconomics assignment 2 Winter 2021 01/03/2021 9:40 AM 2 e) What is the usefulness for economic policy of estimating GDP using the expenditure approach? f) (1) Calculate personal income (ii) Calculate disposable income (iii) Calculate personal savings
