Economics solution for GDP calculation:

Corporate Profits $305 Depreciation $479 Gross private domestic investment $716 Personal Taxes $565 Personal savings $120 Government spending $924 Imports $547 Net interest $337 Compensation of employees $2,648 Rental Income $219 Exports $427 Personal consumption expenditures $2,966 Indirect Business Taxes $370 Contributions to FICA (Soc. Security) $394 Transfer Payments and other income $967 Proprietors Income $328 Solution Calculate GDP with using both Expenditure Approach and Income Approach. Both approaches must be the same amount. Under Expenditure Approach GDP is calculated as GDP = C + G + I + (X - M) C is referred to as Consumption G is referred to as Government Spending

I is referred to as a Gross Investment (X-M) is net of export to import Here GDP is given by2966+ 716+ 924+ (427- 547) = 4486 Under Income approach GDP is given by GDP= Gross National Product (GNP) + indirect business taxes + depreciation + net income of foreignersstatistical discrepancy. And GNP= employee compensation + proprietors' income + rents + corporate profits + interest income 2648+ 328+ 219+ 305+ 337+ 370+ 479-0-200 = 4486

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