The national income accounts for a hypothetical country, Hypothetica, appear in the table below. a. What is the income-based estimate of GDP? b. What is the expenditure-based estimate of GDP? c. What is the value of the statistical discrepancy? Hypothetica's National Accounts (2017)($billions)Corporate IncomeExportsWages & SalariesNet int'l income to the rest of world98685468Gross Investment157Government Purchases184Indirect Taxes75Personal ConsumptionImports49027Net Investment78Proprietors' Income & RentsStatistical Discrepancy56

National income analysis is important to find the economic status of an economy and compare it with…

The national income accounts for a hypothetical country, Hypothetica, appear in the table below. a. What is the income-based estimate of GDP? b. What is the expenditure-based estimate of GDP? c. What is the value of the statistical discrepancy?

The national income accounts for a hypothetical country, Hypothetica, appear in the table below. a. What is the income-based estimate of GDP? b. What is the expenditure-based estimate of GDP? c. What is the value of the statistical discrepancy?

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 13SQ

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Question

The national income accounts for a hypothetical country, Hypothetica, appear in the table below.
a. What is the income-based estimate of GDP?
b. What is the expenditure-based estimate of GDP?
c. What is the value of the statistical discrepancy?

Hypothetica's National Accounts (2017)
($billions)
Corporate Income
Exports
Wages & Salaries
Net int'l income to the rest of world
98
68
546
8
Gross Investment
157
Government Purchases
184
Indirect Taxes
75
Personal Consumption
Imports
490
27
Net Investment
78
Proprietors' Income & Rents
Statistical Discrepancy
56

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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