Calculate the GDP using the Income Approach:Corporate Profits$200Interests$150Indirect Business Taxes$230Depreciation $200Compensation of Employees$1,350Proprietors' Income$150Rental Income$70Consumption Expenses$1,400Government Expenditure$500Net Exports$40Net Foreign Income$50Group of answer choices$1,920$2,400$2,450$1,940

GDP using income approach GDP = GNP + indirect business taxes + net income of foreigners +…

Answered: Calculate the GDP using the Income…

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

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 11CQ

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Calculate the GDP using the Income Approach:

Corporate Profits	$200
Interests	$150
Indirect Business Taxes	$230
Depreciation	$200
Compensation of Employees	$1,350
Proprietors' Income	$150
Rental Income	$70
Consumption Expenses	$1,400
Government Expenditure	$500
Net Exports	$40
Net Foreign Income	$50

Group of answer choices

$1,920

$2,400

$2,450

$1,940

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