Determine gdp by both the expenditures and income approaches

Reference no: EM13188941

The following is a list of domestic output and national income figure for a certain year. All Figures are in billions. The Following questions ask to determine the major national income measures by both the expenditures and the income approaches. The Results you obtain with the different methods should be the same.

Personal consumption expenditures $245
Net Foreign factor Income 4
Transfer payments 12
Rents 14
Statistical discrepancy 8
Consumption of fixed capital 27
Social Security contributions 20
Interest 13
Proprietors income 33
Net exports 11
Dividends 16
Compensation of Employees 223
Taxes on Production and imports 18
Undistributed corporate profits 21
Personal taxes 26
Corporate income taxes 19
Corporate profits 56
Governments purchases 72
Net private domestic investment 33
Personal Saving 20

a. Using the data, determine GDP by both the expenditures and the income approaches. Then determine NDP. The Expenditure approach equals out to $361 Billion, the way to find this is to add up all the expenses, and the Income approach equals out to $380 billion and the way to find this part is to add up all the income. With that defined the NDP equals out to $334 Billion.

Reference no: EM13188941

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