Below is a list of domestic output and national income figures for a certain year. All figures are in billions. The questions that follow ask you to determine the major national income measures by both the expenditures and the income approaches. The results you obtain with the different methods should be the same. Instructions: Enter your answers as whole numbers. a. Using the above data, determine GDP by both the expenditures and the income approaches. Then determine NDP. GDP using the expenditures approach = $ billion. GDP using the income approach = $ billion. NDP = $ billion. b. Now determine NI in two ways: first, by making the required additions or subtractions from NDP (method 1); and second, by adding up the types of income and taxes that make up NI (method 2). Method 1 = $ billion. Method 2 = $ billion. c. Adjust NI (from part b) as required to obtain PI. PI = $ billion. d. Adjust PI (from part c) as required to obtain DI. DI = $ billion.
Below is a list of domestic output and national income figures for a certain year. All figures are in billions. The questions that follow ask you to determine the major national income measures by both the expenditures and the income approaches. The results you obtain with the different methods should be the same. Instructions: Enter your answers as whole numbers. a. Using the above data, determine GDP by both the expenditures and the income approaches. Then determine NDP. GDP using the expenditures approach = $ billion. GDP using the income approach = $ billion. NDP = $ billion. b. Now determine NI in two ways: first, by making the required additions or subtractions from NDP (method 1); and second, by adding up the types of income and taxes that make up NI (method 2). Method 1 = $ billion. Method 2 = $ billion. c. Adjust NI (from part b) as required to obtain PI. PI = $ billion. d. Adjust PI (from part c) as required to obtain DI. DI = $ billion.
