Assignment S Problem #1 $245 Personal consumption expenditures Net foreign facto

Question

Assignment S Problem #1 $245 Personal consumption expenditures Net foreign factor income Transfer payments Rents Statistical discrepancy Consumption of fixed capital (depreciation) Social Security contributions Interest Proprietors' income Net Exports Dividends Compensation of employees Taxes on production and imports Undistributed corporate profits Personal taxes Corporate income taxes Corporate profits Government purchases Gross private domestic investment Personal saving 12 14 27 20 13 16 223 18 21 26 19 56 72 20 Using the table above, calculate Gross Domestic Product using the expenditures approach. GDP

Explanation / Answer

Solution-

GDP by using Expenditure approach,

GDP = Consumption + Investment + Government Purchases + Net Exports (Exports - Imports).

        = $245 + $60 + $72 + $11

        = $388.

GDP by using Expenditure approach is $388.

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