Consider the following data for 2014 for a hypothetical country: Account name Amount ($ trillions) Consumption...
Consider the following data for 2014 for a hypothetical country: Account name Amount ($ trillions) Consumption 26.0 Statistical discrepancy 0.4 Capital consumption allowance 1.2 Government spending 6.5 Imports 2.7 Gross private domestic investment 3.0 Exports 2.5 Based only on the given data, the national income for 2014 is closest to:
A. 31.7.
B. 33.7.
C. 35.3
Homework Answers
Given,
Consumption, C = $26.0 trillions
Capital consumption allowance i.e.,Depreciation, D = $1.2 trillion
Government Spending, G = $6.5 trillions
Gross private domestic investment, I = $3.0 trillions
Imports, M = $2.7 trillions
Exports, X = $2.5 trillions
Statistical Discrepancy = $0.4 trillions
GDP = C + I + G + (X-M) = $(26.0+3.0+6.5+(2.5-2.7)) trillions = $35.3 trillions
Net National Income = GDP - Statistical Discrepancy - Depreciation = $(35.3-0.4-1.2) trillions = $33.7 trillions
Ans: B. 33.7
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