Question

SIMPLIFIED NATIONAL INCOME ACCOUNTS MODEL OF MACROECONOMY 4011 Adapted from Bureau of Economic Analysis 03/12/2018 4th quarter/data in billions of U.S.$ (preliminary) 50 00. Statistical discrepancy 01. Net foreign factor income N.F.F. by USA owned production abroad.228 2,421 02. U.S. ExportsX 03. U.S. Imports (M) .3,021 .914 04. Corporate Income Tax/Corporate Profits Tax (CPT . 05. Taxes on Production & Imports (TOP&M 06. Compensation of employees (Wages/Salaries) 07. Personal Consumption Expenditures (C) 08. Personal Income Tax (PIT) 09. Corporate Profits before taxes (CP) 10. Net Investment 11. Retained earnings (RE Undistributed Corp. Profits UCP/Corp Net Saving (CNS.).. 12. Contributions to Social Insurance (CSI) (FICA) 13. Govt Purchases of Goods & Services (G) 1,351 10,731 13,646 ,110 1,776 298 .1,322 .3,405 815 1,402 3,030 564 3,008 760 286 14. Interest Income 15. Proprietorship/Partnership Profit (PPP) 16. Depreciation/Capital consumption allowance/consumption of fixed capital 17. Dividends 18. Govt Transfers & entitlements 19. Rental income 20. Gross Private Domestic Investment (I) 21. Non-mortgage interest paid by consumers to business firms 22. Personal outlays (PO) (07 +21) 23. Net Exports 13,746 Calculate the GDP, NDP, NI, PI, DPI, PS using the list of components above. You must show exactly how each measurement is derived even if calculator is used to add and subtract. Indicate the size of the Federal budget deficit and show calculations to arrive at it. Assuming the GDP price deflator (prince index) for 2017 is 108, convert your 2017 "current dolilar answers above into constant 2013 dollars" thereby removing the effects of inflation over the time period since 2013. Formula used to convert to constant dollars must be shown. Using the circular flow diagram models we discussed in dry-run sessions in class, fill in the numbers in the appropriate places. Clearly label all parts of your circular flow chart. 10

Answer 1