Use the following table, based on BEA data from the first quarter of 2013 (billions of dollars), to calculate items (a) and (b):a) Other income b) Net factor incomeCompensation of employees 8,737Corporate profits 2,021National income 14,313Gross domestic product 16,535Gross national product 16,772Factor income to the rest of the world 237

National income depicts the total income earned within or outside the domestic boundaries. It can be…

Answered: National income

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Economics

National income

Survey of Economics (MindTap Course List)

9th Edition

ISBN:9781305260948

Author:Irvin B. Tucker

Publisher:Irvin B. Tucker

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 12SQ

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Question

Use the following table, based on BEA data from the first quarter of 2013 (billions of dollars), to calculate items (a) and (b):
a) Other income b) Net factor income

Compensation of employees 8,737

Corporate profits 2,021

National income 14,313

Gross domestic product 16,535

Gross national product 16,772

Factor income to the rest of the world 237

Definition Definition Monetary value of all goods and services produced in an economy during a financial year. National income also refers to the total income earned by the factors of production during a financial year.

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