Use the following table to calculate the 6 national income aggregates. Calculate Gross Domestic Product (GDP) using the expenditure approach. ***In the table below statistical discrepancies is subtracted off. Each question below is worth 2 points for a total of 20 points. Consumption $ 37,000 Income received but not earned 4,200 Statistical discrepancies 500 Receipts of factor income from the rest of the world 300 Exports 800 Capital consumption allowances 4,000 Government 11,000 Income earned but not received yet 4,500 Payments of factor income to the rest of the world 150 Investment 8,000 Personal taxes 6,000 Imports 950 1. What is the value of Gross Domestic Product (GDP)? ________________ 2. What is the value of Gross National Product (GNP)? __________________ 3. What is the value of Net National Product (NNP)? ____________________ 4. What is the value of National Income (NI)? _____________________ 5. What is the value of Personal Income (PI)? ____________________ 6. What is the value of Disposable Personal Income (DPI)? __________________

7. Using the information above is the country running a trade deficit or surplus? ____________ 8. Are intermediate goods included in calculating GDP? __________ 9. If nominal GDP in a given year is greater than real GDP what is happening to the price level? _________________ 10. Social security payments are adjusted annually to what price index? ________________