Problem I. Transfer Payments P54 Interest Income 150 Depreciation 36 Wages 67 Gross Private Investment (I) 124 Business Profits 200 Indirect Business Taxes 74 Rental Income 75 Net Exports (X-M) 18 Net Foreign Factor Income 12 Government Purchases (G) 156 Household Consumption (C) 304 Calculate the Gross National Income using Expenditure and Income Approaches.

Problem I. Transfer Payments P54 Interest Income 150 Depreciation 36 Wages 67 Gross Private Investment (I) 124 Business Profits 200 Indirect Business Taxes 74 Rental Income 75 Net Exports (X-M) 18 Net Foreign Factor Income 12 Government Purchases (G) 156 Household Consumption (C) 304 Calculate the Gross National Income using Expenditure and Income Approaches.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the table to answer the questions. Assume firms pay all profits out to resource owners, there is no depreciation, and there are no taxes. 2010 Consumption spending (C) $350 Rent $100 Profit $175 Investment spending (I) $75 Interest $50 Government spending (G) $125 Net exports (NX) $10 Employee compensation $ Enter the value of GDP in 2010. Use the factor income approach to calculate employee compensation in 2010.
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Answer (iv) and (v)
Calculate the GDP using Income OR Expenditure Approach (all figures are in billions of dollars) ITEM Amount ($) Government purchase of goods and services 1,721.6 Exports 1,096.3 Receipts of factor income from the restof the world 382.7 Depreciation (consumption of fixed capital) 990.8 Net fixed Investments 688.2 Corporate income taxes 265.2 Consumption expenditures 6,739.4 Indirect business taxes 664.6 Imports 1,475.8 Payments of factor income to the rest of the world 343.7 Inventory change 56.5 Social security contributions 702.7 Undistributed corporate profits (retained earings) 130.3 Government transfer and interest payments 1,366.3 Personal interest payments 286.2 Personal Taxes 1,235.7 Type answer please
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URGENT What is the value added of the service sector?
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