Using the following national income accounting data, compute
compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions.
Compensation of employees
U.S. exports of goods and services
Consumption of fixed capital
Taxes on production and imports
Net private domestic investment
U.S. imports of goods and services
Net foreign income
Personal consumption expenditures
Instructions: Round your answers to one decimal place.
a. GDP = $
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Apply the rule of 70 to solve the following problem. Real GDP per person in Mexico in 2005 was about $11,000 per person, while it was about $44,000 per person in the United States. If real GDP per person in Mexico grows at the rate of 2 percent per year, how long will it take Mexico’s real GDP per person to reach the level that the United States was at in 2005? (Hint: How many times would Mexico’s 2005 real GDP per person have to double to reach the United States’ 2005 real GDP per person?)
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