The accompanying chart presents 2010 data from the national-income accounts of t

Question

The accompanying chart presents 2010 data from the national-income accounts of the U.S.

Component Billions of Dollars

Personal 10245.5

Employment compensation 7971.4

Rents 350.2

Gov. consumption and investment 3002.8

Imports 2356.7

Depreciation 1876.6

Corporate profits 1800.1

Interest income 564.3

Exports 1839.8

Gross private investment 1795.1

Indirect Business taxes 1117.7

Self-employment 1036.4

Net income of foreigners -189.4

a. Indicate the various components of GDP when it is derived by the expenditure approach. Calculate GDP using the expenditure approach.

b. Indicate the various components of GDP when it is derived by the resource cost-income approach. Calculate using the resource cost-income approach.

Explanation / Answer

Expenditure Approach:<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Resource Cost-Income Approach:

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