Question

Consider the following hypothetical data for the U.S. economy in 2020​ (in trillions of​ dollars), and assume that there are no statistical​ discrepancies, zero net incomes earned​ abroad, and zero taxes on production and imports of net subsidies.

Corporate profits before taxes deducted $2.62 Exports $1.31

Proprietorial income 0.9                                                  Net transfers and interest earning 2.1

Rent 0.8 Nonincome expense items 1.7               

Interest 0.7 Imports   1.7

Wages 8.2 Corporate taxes 0.3

Depreciation 1.4 Social security contributions 2.2

Consumption 12.6 Government spending 1.6

  Calculate GDP........trillion.  ​(Enter your response rounded to one decimal​ place.)Calculate the gross domestic income........ trillion.  ​(Enter your response rounded to one decimal​ place.)

Answer 1

Calculate GDP -

GDP = Rent + Interest + Wages + Non-income expense items + Proprietorial income + Corporate profits before taxes

GDP = $0.8 trillion + $0.7 trillion + $8.2 trillion + $1.7 trillion + $0.9 trillion + $2.6 trillion

GDP = $14.9 trillion

The GDP is $14.9 trillion.

The gross domestic product in a given time period is equal to the gross domestic income of that time period.

So,

GDP = GDI

Hence,

The gross domestic income is $14.9 trillion.