Consider the following hypothetical data for the U.S. economy in 2020 (in trillions of dollars), and assume that there are no statistical discrepancies, zero net incomes earned abroad, and zero taxes on production and imports of net subsidie Category Value Value $1.3 1.9 1.6 1.7 0.6 2.2 1.7 Category Corporate profits before taxes deducted Proprietorial income Rent $2 6 Exports 0.8 Net transfers and interest earnings 0.8 Nonincome expense items 0.8 Imports 8.1 Corporate taxes 1.2 Social security contributions 11.7 Government spending Interest Wages Depreciation Consumption a. Calculate the gross domestic income. $ 14.7 trillion. (Enter your response rounded to one decimal place.) Calculate GDP. S 14.7 trillion. (Enter your response rounded to one decimal place.) b. Calculate gross. private domestic investment s13 trillion. (Enter your response rounded to one decimal place.)

Consider the following hypothetical data for the U.S. economy in 2020 (in trillions of dollars), and assume that there are no statistical discrepancies, zero net incomes earned abroad, and zero taxes on production and imports of net subsidie Category Value Value $1.3 1.9 1.6 1.7 0.6 2.2 1.7 Category Corporate profits before taxes deducted Proprietorial income Rent $2 6 Exports 0.8 Net transfers and interest earnings 0.8 Nonincome expense items 0.8 Imports 8.1 Corporate taxes 1.2 Social security contributions 11.7 Government spending Interest Wages Depreciation Consumption a. Calculate the gross domestic income. $ 14.7 trillion. (Enter your response rounded to one decimal place.) Calculate GDP. S 14.7 trillion. (Enter your response rounded to one decimal place.) b. Calculate gross. private domestic investment s13 trillion. (Enter your response rounded to one decimal place.)

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter11: Fiscal Policy

Section: Chapter Questions

Problem 1.4P

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