ECON 201- PRINCIPLES OF ECONOMICS I

(1) To calculate the value of GDP from the expenditure method, you can use the following equation: GDP = C + In + G + Xn. Do you agree or disagree, and why?

(2) The table below shows national income accounting data. All figures in Billions

Compensation of employees

U.S. exports of goods and services

Consumption of fixed capital (depreciation)

Government purchases

Taxes on production and imports

Net private domestic investment

Govt. Transfer payments

U.S. imports of goods and services

Personal taxes

Net foreign factor income

Personal consumption expenditures

Statistical discrepancy

Rents

$194.2

17.8

11.8

59.4

14.4

52.1

13.9

16.5

40.5

2.2

219.1

0

42.5

(a) Using the following national income accounting data, compute Gross Domestic Product value by expenditure method.

(b) Compute Net Domestic Product value by any method possible.

(c) Compute National Income by adjustment method.

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