Consider the following hypothetical data for the U.S. economy in 2018 (in no sta

Question

Consider the following hypothetical data for the U.S. economy in 2018 (in no statistical discrepancies or other adjustments. tilions of dollars), and assume that there are Category Value Category Value Profits Indirect business taxes and transfers Rent Interest Wages Depreciation Consumption $2.5 Exports 0.6 Govenment transfer payments 08 Personal income taxes and nontax payments 0.7 Imports 8.1 Corporate taxes and retained earnings 12 Social security contributions 9.5 Government spending $1.3 2.2 1.7 1.7 0.4 2.1 1.7 a. Calculate the gross domestic income S trillion. (Enter your re sponse rounded to one decimal place) Calculate GDP strillion. Enter your response rounded to one decimal place)

Explanation / Answer

Solution: $13.9 trillion

Working:

Profit 2.5 Indirect business taxes and transfers 0.6 Rent 0.8 Interest 0.7 Wages 8.1 Depreciation 1.2 13.9

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