Compensation of Employees 900Consumption of goods 850Corporate profits 400Rent Income 125Factor income paid to the world 325Consumption of services 475Factor Income received from the world 170Residential investments 350Indirect taxes 775Non-residential investments 525Subsidies 125Government Expenditure 925Depreciation 120Imports 700Net interest 75Exports 300Proprietors income 300 Calculate the GDP using (1) the Income and (2) the Expenditure Approach

GDP: It refers to the goods and services which is produced in an economy due to during the specified…

Answered: Calculate the GDP using (1) the Income…

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Taking The Nation's Economic Pulse

Section: Chapter Questions

Problem 15CQ

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Compensation of Employees 900	Consumption of goods 850
Corporate profits 400	Rent Income 125
Factor income paid to the world 325	Consumption of services 475
Factor Income received from the world 170	Residential investments 350
Indirect taxes 775	Non-residential investments 525
Subsidies 125	Government Expenditure 925
Depreciation 120	Imports 700
Net interest 75	Exports 300
Proprietors income 300

Calculate the GDP using (1) the Income and (2) the Expenditure Approach

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