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Answer on Macroeconomics Question for Colleen

Question #17558
Find National Income given:
Billions of current year
(i.e. nominal) dollars
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
National income = GDP - consumption of fixed capital - Statistical discrepancy
GDP = Employee compensation + Corporate profits + Proprietor's income + Rental income + Net interest + taxes less subsidies on production
and imports

National Income = 389 + 31 + 33 + 13 + 59 + 25 - 35- 10 = $505

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