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What is net domestic income at market prices

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Reference no: EM132051492

Question -- Given the following:

Consumption of fixed capital (depreciation) $1,257

Rents $120

Indirect business taxes less subsidies $682

Social security contributions $800

Corporate income taxes $500

Undistributed Corporate Profits-retained earnings $274

Transfer payments $2,000

Personal income taxes $1,500

Compensation of employees (wages) $6,650

Net interest $571

Profits-(Corporate and Proprietors Income) $1,668

Personal Consumption expenditures $7,000

Gross private domestic investment $1,855

Government purchases $1,843

Net Exports (X-M) $300

Statistical discrepancy $50

a) What is GDP (Expenditure Approach)?

b) What is GDP (Income Approach)?

c) What is Net Domestic Income at factor prices?

d) What is Net Domestic Income at market prices?

Reference no: EM132051492

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