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Below is a list of domestic output and national income figures for a certain year. All figures are in billions. The questions that follow ask you 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 $ 245Net foreign factor income $4Transfer payments $12Rents $14Statistical discrepancy $8Consumption of fixed capital (depreciation) $27Social Security contributions $20Interest $13Proprietors' income $33Net exports $11Dividends $16Compensation of employees $223Taxes on production and imports $18Undistributed corporate profits $21Personal taxes $26Corporate income taxes $19Corporate profits $56Government purchases $72Net private domestic investment $33Personal saving $20
a. Using the above data, determine GDP by both the expenditures and the income approaches. Then determine NDP.
b. Now determine NI in two ways: first, by making the required additions or subtractions from NDP; and second, by adding up the type of income and taxes that make up NI.
c. Adjust NI (from part b) as required to obtain PI.
d. Adjust PI (from part c) as required to obtain DI.
Bridget has a limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese. The price of wine is $10 per bottle, and the price of cheese is $4 per pound.
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