Consider the following hypothetical data for the U.S. economy in 2018 (in trillions of dollars), and assume that there are no statistical discrepancies or other adjustments. Category Profits Indirect business taxes and transfers Rent Interest Wages Depreciation Consumption Value Category $2.8 Exports 0.6 Government transfer payments 0.6 Personal income taxes and nontax payments 0.8 Imports 8.2 Corporate taxes and retained earnings 1.2 Social security contributions 11.5 Government spending a. Calculate the gross domestic income. $ [ trillion. (Enter your response rounded to one decimal place.) Calculate GDP. $ trillion. (Enter your response rounded to one decimal place.) Value $1.6 2.1 1.7 1.7 0.4 1.8 1.8

Consider the following hypothetical data for the U.S. economy in 2018 (in trillions of dollars), and assume that there are no statistical discrepancies or other adjustments. Category Profits Indirect business taxes and transfers Rent Interest Wages Depreciation Consumption Value Category $2.8 Exports 0.6 Government transfer payments 0.6 Personal income taxes and nontax payments 0.8 Imports 8.2 Corporate taxes and retained earnings 1.2 Social security contributions 11.5 Government spending a. Calculate the gross domestic income. $ [ trillion. (Enter your response rounded to one decimal place.) Calculate GDP. $ trillion. (Enter your response rounded to one decimal place.) Value $1.6 2.1 1.7 1.7 0.4 1.8 1.8

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter11: Managing Aggregate Demand: Fiscal Policy

Section: Chapter Questions

Problem 1DQ

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