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Question
1. Calculate GDP. You may calculate GDP either from the expenditure side or income side of the accounts.
2. Calculate Net National Product. You may assume that GDP = GNP.
Use the following information to answer questions.
Government purchases of goods and services 3,200
Consumption 11,500
Compensation of employees 9,100
Business investment 1,500
Residential investment 500
Corporate profits 3,500
Rent 300
Interest 1,000
Proprietors income 200
Change in business inventories -100
Government transfer payments 1,800
Exports 1,500
Imports 2,000
Depreciation 2,000
Statistical discrepancy 0
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