Exhibit 5-8 GDP data (billions of dollars) Personal consumption expenditures $850 Interest 90 Corporate profits 150...

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Exhibit 5-8 GDP data (billions of dollars) Personal consumption expenditures $850 Interest 90 Corporate profits 150...

Exhibit 5-8 GDP data (billions of dollars)

Personal consumption expenditures	$850
Interest	90
Corporate profits	150
Government spending	400
Depreciation	100
Rental income	70
Gross private domestic investment	120
Compensation of employees	830
Exports	120
Imports	70
Indirect business taxes	80
Proprietors' income	120
Personal income taxes	110
Social Security taxes	50
Transfer payments	160

In Exhibit 5-8, personal income (PI) equals:

		$1,280 billion.
		$2,290 billion.
		$1,310 billion.
		$2,320 billion.
		$1,400 billion.

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Answer 1

Answer #1

Solution: $1,280 billion

Explanation:

Compensation of employees	830
Interest	90
Corporate profits	150
Depreciation	100
Rent	70
Indirect business taxes	80
National income	1320

Add: Transer payments	160
Minus: Indirect business taxes	80
Undistributed corporate profits	120

Personal income	1280

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Answer 2

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