The table below gives some of the items in the U.S. National Income and Product Accounts in 1995. Item Amount (trillions of dollars) Consumption expenditure 4.97 Investment 1.14 Government expenditures 1.37 Net exports 0.08 Wages 4.20 Interest, rent, and profit 1.68 Depreciation 0.89 a) Use the expenditure approach to calculate U.S. GDP in 1995. b) Use the income approach to calculate U.S. net domestic product at factor cost in
The table below gives some of the items in the U.S. National Income and Product Accounts in 1995. Item Amount (trillions of dollars) Consumption expenditure 4.97 Investment 1.14 Government expenditures 1.37 Net exports 0.08 Wages 4.20 Interest, rent, and profit 1.68 Depreciation 0.89 a) Use the expenditure approach to calculate U.S. GDP in 1995. b) Use the income approach to calculate U.S. net domestic product at factor cost in
Chapter6: Tracking The U.s. Economy
Section: Chapter Questions
Problem 1.2P
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The table below gives some of the items in the U.S.
Accounts in 1995.
Item
Amount
(trillions of
dollars)
Consumption expenditure 4.97
Investment 1.14
Government expenditures 1.37
Net exports 0.08
Wages 4.20
Interest, rent, and profit 1.68
a) Use the expenditure approach to calculate U.S.
b) Use the income approach to calculate U.S. net domestic product at factor cost in
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