Question

Using the following data, calculate Gross Domestic Product (GDP) using both the expenditure approach and the income approach.
Please show all your work including formulas.
Please calculate Net Domestic Product using the numbers from the table below.
Again, show all work and the formula you used.
All figures are in billions of dollars.
Personal Consumption Expenditures.........................1300
Compensation of employees.................................1140
Proprietors’ income.......................................305
Net Foreign Factor Income.................................35
Net Exports..............................................-86
Rents.....................................................65
Corporate Income Taxes....................................90
Taxes on Production and Imports...........................100
Consumption of Fixed Capital (Depreciation)...............140
Interest..................................................30
Government Purchases......................................356
Undistributed Corporate Profits (Retained Earnings).......75
Gross Private Domestic Investment.........................440
Dividends.................................................80
Statistical Discrepancy..................................+20
Social Security Contributions.............................60
Transfer Payments.........................................75

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Gross Domestic Product

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