Answer to Question #17556 in Macroeconomics for Colleen

Question #17556
Find Nominal GDP using the INCOME 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 = Employee compensation + Corporate profits + Proprietor's income + Rental income + Net interest + taxes less subsidies on production and imports
GDP = 389 + 31 + 33 + 13 + 59 + 25 = $550

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