The table below shows the values for several different components of GDP. Value in billions of...
The table below shows the values for several different components of GDP.
| Value in billions of dollars | |
| personal consumption expenditures: | 265 |
| Net foreign factor income: | 4 |
| Transfer Payments: | 14 |
| Rents: | 14 |
| Consumption of fixed capital (depreciation): | 19 |
| Statistical discrepancy: | 8 |
| Social Security contributions: | 12 |
| Interest: | 14 |
| Proprietors Income | 25 |
| Net exports: | 14 |
| Dividends | 16 |
| Compensation of employees | 243 |
| Taxes on production and imports: | 10 |
| Undistributed corporate Profits | 13 |
| Personal taxes: | 18 |
| Corporate taxes | 11 |
| Corporate profits | 48 |
| Government purchases: | 54 |
| Net private domestic investment: | 25 |
|
Personal saving: 12 Imports: 7 |
12 7 |
A: What is the value of exports?
B: What is the value of National Income?
C: What is the value of GDP?
D: What is the value of personal income?
Homework Answers
A.
NX=X-M
14=X-7
X=14+7
=21
B.
National Income= GDP- depreciation+ net factor income from abroad – indirect business tax
=358-19+4-10
=$333
C.
GDP by expenditure method=C+I+G+X-M
=265+25+54+14
=$358
D.
Personal income=GDP– depreciation – retained earning
=358-19-13
=$326
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