Question
The following table shows national income by the type of income for the hypothetical economy of Highlands. Income Data for Highlands Type of Income Amount
The following table shows national income by the type of income for the hypothetical economy of Highlands.
Income Data for Highlands
Type of Income | Amount of Income (billions of dollars) |
| Rent | $300 |
| Wages | 800 |
| Interest | 150 |
| Profits and losses | 400 |
| Indirect business taxes | 70 |
| Depreciation | 180 |
| Net foreign interest income | 50 |
Instructions: Enter your answers as a whole number.
a. Using the income approach, what is the value of nominal GDP for Highlands?
Step by Step Solution
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To calculate nominal GDP using the income approach you need to sum up all the types of income ...
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Macroeconomics
Authors: Paul Krugman, Robin Wells, Iris Au, Jack Parkinson
3rd Canadian edition
1319120083, 1319120085, 1319190111, 9781319190118, 978-1319120054
