Use the following list of GDP components and data (given in millions of $U.S.) to answer the following questions.
Corporate profits | 1,300 | |
Gross private domestic investment | 2,800 | |
Consumption of nondurable goods | 3,100 | |
Exports | 1,400 | |
Proprietors' income | 1,000 | |
Miscellaneous adjustments | 700 | |
Consumption of services | 4,300 | |
Net interest | 500 | |
Compensation of employees | 8,000 | |
Imports | 1,900 | |
Rental income | 400 | |
Government spending | 2,100 | |
Consumption of durable goods | 1,300 | |
Consumption of fixed capital | 1,400 |
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Corporate profits | 1,300 |
Gross private domestic investment | 2,800 |
Consumption of nondurable goods | 3,100 |
Exports | 1,400 |
Proprietors' income | 1,000 |
Miscellaneous adjustments | 700 |
Consumption of services | 4,300 |
Net interest | 500 |
Compensation of employees | 8,000 |
Imports | 1,900 |
Rental income | 400 |
Government spending | 2,100 |
Consumption of durable goods | 1,300 |
Consumption of fixed capital | 1,400 |
GDP using the expenditure approach is $ million, and it is $ million using the income approach. The difference is due to statistical discrepancy.
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Corporate profits | 1,300 |
Gross private domestic investment | 2,800 |
Consumption of nondurable goods | 3,100 |
Exports | 1,400 |
Proprietors' income | 1,000 |
Miscellaneous adjustments | 700 |
Consumption of services | 4,300 |
Net interest | 500 |
Compensation of employees | 8,000 |
Imports | 1,900 |
Rental income | 400 |
Government spending | 2,100 |
Consumption of durable goods | 1,300 |
Consumption of fixed capital | 1,400 |
National income equals $ million. The category (categories) of is (are) not included in the calculation of national income.
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