13. Consider the following hypothetical data for the U.S. economy in 2018 (in trillions of dollars) and assume that there was no statistical discrepancies or other adjustments. Profit 2.8 Indirect Business Taxes 0.8 Rent 0.7 Interest 0.8 Wages Depreciation Consumption Exports Government transfer payments Personal Income Taxes and nontax payments Imports Corporate Taxes and retained earnings Social security contributions Government spending 8.2 1.3 11.0 1.5 2.0 1.7 1.7 0.5 2.0 1.8 a. What is gross domestic income? Gross Domestic Income- Rent + Wages + Profit + Interest + Depreciation + Indirect Business a. What is GDP? GDP= Consumption + Gross Private Domestic Investment + Government Spending + Exports - Imports
13. Consider the following hypothetical data for the U.S. economy in 2018 (in trillions of dollars) and assume that there was no statistical discrepancies or other adjustments. Profit 2.8 Indirect Business Taxes 0.8 Rent 0.7 Interest 0.8 Wages Depreciation Consumption Exports Government transfer payments Personal Income Taxes and nontax payments Imports Corporate Taxes and retained earnings Social security contributions Government spending 8.2 1.3 11.0 1.5 2.0 1.7 1.7 0.5 2.0 1.8 a. What is gross domestic income? Gross Domestic Income- Rent + Wages + Profit + Interest + Depreciation + Indirect Business a. What is GDP? GDP= Consumption + Gross Private Domestic Investment + Government Spending + Exports - Imports
Chapter3: Economic Decision Makers
Section: Chapter Questions
Problem 3.10P
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