NIPA problem I need help calculating these values with the given information: (a
ID: 1094184 • Letter: N
Question
NIPA problem
I need help calculating these values with the given information:
(a) Gross Domestic Product:
(b) Net Domestic Product:
(c) National Income:
(d) Personal Income:
(e) Disposable Personal Income:
(f) Government Expenditures on Goods and Services:
(g) Personal Taxes:
Given Info:
Consumption: $7304
Social Security Contributions: $748
Corporate Income Tax: $213
Dividends: $434
Exports: $1003
Gross Investment: $1593
Imports: $1430
Indirect Business Tax: $695
Interest Paid to Persons: $684
Net Investments: $200
Proprietor's Income: $757
Rent Paid to Persons: $142
Savings by Households: $512
Transfer Payments: $1683
Undistributed Corporate Profits: $141
Wages and Salaries: $ 5977
Net Income Earned Abroad: <$10>
Please show work to how you calculated your answers as well please :)
Explanation / Answer
Employee compensation [note 2] 6,289.00 Proprietors' income with IVA and CCA [note 3] 834.10 Rental income of persons with CCA 153.80 Corporate profits with IVA and CCA [note 4] 1,021.10 Net interest and miscellaneous payments 543.00 Taxes on production and imports 798.10 Less: subsidies ?46.70 Business current transfer payments (net) 77.70 Current surplus of government enterprises 9.50 Equals: national income (NI) 9,679.60 Statistical discrepancy 25.60 Equals: net national product (NNP) 9,705.20 Consumption of fixed capital 1,353.90 Equals: gross national product (GNP) 11,059.10 Income receipts from the rest of the world 273.90 Less: Income payments to the rest of the world ?329.00 Equals: gross domestic product (GDP) [note 5] 11,004.00 ========= Durable goods 950.70 - Nondurable goods 2,200.10 - Services 4,610.10 - Personal consumption expenditures 7,760.90 Nonresidential 1,094.70 - Residential 572.30 - Change in private inventories ?1.20 - Gross private domestic investment 1,665.80 Exports 1,046.20 - Less: Imports ?1,544.30 - Net exports of goods and services ?498.10 Federal 752.20 - State and local 1,323.30 - Government consumption expenditures - and gross investment 2,075.50 Gross domestic product (GDP) [note 5] 11,004.10
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