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Sample of Myeconlab Homework Done by Our Experts

Consider the following hypothetical data for the U.S. economy in 2024 (all amounts are in trillion dollars):

Category Value
Consumption $10.2
Non-income related taxes net of subsidies $0.8
Depreciation $1.5
Government spending $2.9
Imports $2.7
Gross private domestic investment $3.1
Exports $2.8

Based on the data above:

Calculate GDP = $_ trillion.

Calculate NDP = $_ trillion.

Calculate NI = $_ trillion.

Solution:

GDP = Consumption + Gross private domestic investment + Government spending + Exports – Imports = $10.2 + $3.1 + $2.9 + $2.8 – $2.7 = $16.3 trillion

NDP = GDP – Depreciation = $16.3 – $1.5 = $14.8 trillion

NI = NDP – Non-income related taxes net of subsidies = $14.8 – $0.8 = $14.0 trillion

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