econimics

18. The following is a list of figures for a given year in billions of dollars. Using this data, compute: (a) GDP; (b) NDP; (c) NI; (d) PI; (e) DI; (f) Net exports.

Transfer payments $ 16
Government purchases 80
Personal taxes 38
Corporate income taxes 28
Indirect business taxes 15
Social security contributions 8
Undistributed corporate profits 19
Proprietor’s income 25
Compensation of employees 258
Personal consumption expenditures 322
Consumption of fixed capital 4
Rents 10
U.S. exports 14
Corporate profits 70
Interest 12
Dividends 23
Imports to U.S. 17
Gross private domestic investment 63
Net foreign factor income earned in the U.S. 10

19. Which of the following are included and which are excluded in calculating this year’s GDP? Explain in each instance.

(a) A monthly scholarship check received by an economics student

(b) The purchase of a new corncrib by a farmer

(c) The purchase of a used tractor by a farmer

(d) The cashing in of a savings bond

(e) The services of a mechanic in fixing the radiator in his own car

(f) Social security checks received by a retired person

(g) An increase in business inventories

(h) Government purchase of missiles

(i) A barber’s income

(j) Income received from interest on a corporate bond

(k) Cash received from selling a corporate bond

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