National Product and Income Accounts Given the following information, answer the

Question

National Product and Income Accounts Given the following information, answer the next four questions: Personal consumption expenditures 241 Transfer payments 12 Statistical discrepancy 1 Rents 14 Depreciation (capital consumption allowance) 27 Net interest 12 Net exports (X-M) 11 Compensation of employees (wages) 223 Indirect business taxes 18 Profits (Corporate and proprietors' income) 89 Government purchases 72 Gross investment 60 GDP as calculated by the expenditure approach? GDP calculated by the income approach: National income at factor prices National income at market prices

Explanation / Answer

GDP as expenditure approach = Personal consumption expenditure + Gross investment + Government purchases + Net export

                                                = 241 + 60 + 72 + 11

                                                = 384 (Answer)

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