Answer to Question #17555 in Macroeconomics for Colleen

Question #17555
Find Nominal Gross Domestic Product (GDP) using the EXPENDITURE approach given: Corporate Profits 31 Consumption of Fixed Capital 35 Gross Private Domestic Investment 106 Personal Taxes 56 Personal Saving 82 Government Purchases 128 Imports 85 Interest 59 Net Foreign Factor Income Earned 2 Undistributed Corporate Profits 5 Exports 67 Personal Consumption Expenditures 377 Statistical Discrepancy 10 Taxes on Production and Imports 25 Social Security Contributions 39 Transfer Payments 48 Rents 13 Proprietors' Income 33 Corporate Income Taxes 6 Compensation of Employees 389
Expert's answer
GDP = C + I + G + NX.

GDP = Personal Consumption Expenditures + Gross Private Domestic Investment +
Government Purchases + (Exports - Imports) = 377 + 106 + 128 + (67 - 85) = 593

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