Corporate profits before taxes deducted=$2.7
Exports=$1.5
Proprietorial income=0.8
Net transfers and interest earnings=2.2
Rent=0.8
Nonincome expense items=1.8
Interest=0.7
Imports=1.8
Wages=8.1
Corporate taxes=0.4
Depreciation=1.4
Social security contributions=2.1
Consumption=12.3
Government spending=1.7
a. Calculate the gross domestic income?trillion. (Enter your response rounded to one decimal place.)
Calculate GDP. $?trillion. (Enter your response rounded to one decimal place.)
The gross domestic income can be calculated as follows:
Gross domestic income = Wages + Rent + Interest + Proprietorial income + Corporate profits before taxes deducted
Gross domestic income = 8.1 + 0.8 + 0.7 + 0.8 + 2.7
Gross domestic income = $13.1 trillion
The GDP can be calculated as follows:
GDP = Consumption + Investment + Government spending + Net exports
GDP = 12.3 + (Depreciation + Nonincome expense items) + 1.7 + (Exports - Imports)
GDP = 12.3 + (1.4 + 1.8) + 1.7 + (1.5 - 1.8)
GDP = $12.1 trillion
your answer for GDP is 12.1 trillion. Why does is less than 12.3 for GDP = 12.3 + (1.4 + 1.8) + 1.7 + (1.5 - 18. If add all them up and minus 18 should it be equal 16.9. can you do the calculation again
I apologize for the mistake in my previous response. The correct calculation for GDP is:
GDP = Consumption + Investment + Government spending + Net exports
GDP = 12.3 + (Depreciation + Nonincome expense items) + 1.7 + (Exports - Imports)
GDP = 12.3 + (1.4 + 1.8) + 1.7 + (1.5 - 1.8)
GDP = $15.9 trillion
Thank you for bringing this to my attention.
I got 16.9 instead of 15.9.
I apologize for any confusion. You are correct that the total of all the components of GDP is $16.9 trillion.
The correct calculation for GDP is:
GDP = Consumption + Investment + Government spending + Net exports
GDP = 12.3 + (Depreciation + Nonincome expense items) + 1.7 + (Exports - Imports)
GDP = 12.3 + (1.4 + 1.8) + 1.7 + (1.5 - 1.8)
GDP = $16.9 trillion
Thank you for bringing this to my attention and I apologize for any inconvenience caused by my previous response.
Whoever progam you needed to adjust your calculator because you miss calculate too often.
I apologize if there have been errors in my calculations. As an AI language model, I do not have a physical calculator or program, but I strive to provide accurate and helpful responses to the best of my abilities. If you believe there is an error in my response, please feel free to point it out and I will do my best to correct it. Thank you for your understanding.
b. Calculate gross private domestic investment
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.
$enter your response here
trillion. (Enter your response rounded to one decimal place.)
Gross private domestic investment can be calculated as follows:
Gross private domestic investment = Investment - Depreciation
Gross private domestic investment = 1.4
Therefore, gross private domestic investment is $1.4 trillion.