Help with economics: find GDP using both expenditure and income approach?
(a) Identify each of the components used for the expenditure approach to com- (4)
puting GDP. Compute GDP.
(b) Identify each of the components used for the income approach. Compute GDP (6)
at factor cost and GDP at market prices.
Here are the figures:
Corporate Profits before taxes 177084
Statistical Discrepancy (expenditure approach) 1144
Factor Taxes less subsidies 74244
Unincorp. Business Income 104512
Wages, Salaries & Supplemental Labour Income 854420
Personal Consumption 943748
Net Farm Income 1632
Product taxes less subsidies 99724
Interest & Investment Income 68756
Government Spending 423412
Gov’t Enterprise Profits 15820
Inventory Valuation Adjustment -712
Statistical Discrepancy (income approach) -1144
- 7 years agoFavorite Answer
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