(a) Use either the expenditure approach or the income approach to calculate the following national income statistics based on the data given in Table 1. Calculate the net domestic product (NDP), The following table shows some national accounting data for a given year for a hypothetical country.Table 1 National Accounting Data ($billions)Capital depreciation$950 (billions)Change in business inventory50Compensation of employees5000Corporate profit800Durable goods600Exports200Factor payments from the rest of the world360Factor payments to the rest of the world300Farm income300Gross private domestic investment1000Government spending800Imports150Net interest600Non-durable goods2000Non-farm income700Proprietors' income1000Rental income100Services4000

NDP (Net Domestic Product): It refers to the measurement of the economics output. It is the account…

Answered: Calculate the net domestic product…

Business

Economics

Calculate the net domestic product (NDP),

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Tracking The U.s. Economy

Section: Chapter Questions

Problem 3.7P

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