Question

1 Consumption of Fixed Capital $438 2 Taxes on Production and Imports 326 3 Compensation of Employees 2,347 4 Rents 14 5 Interest 287 6 Proprietors' Income 242 7 Corporate Profits 297 8 Personal Consumption Expenditures 2,582 9 Gross Private Domestic Investment 669 10 Government Purchases 815 11 Net Exports -78 12 Net Foreign Factor Income 46 13 Statistical Discrepancy 50 Refer to the accompanying national income data (in billions of dollars). Which items need to be accounted for in going from national income to GDP

Answer 1

Answer:

1, 12, and 13

Explanation:

As we know that

National income = NNP at FC

And,  

GDP = GDP at MP

Now as we have to determine the GDP at MP from the national income so here considered the depreciation

So,

NNP at FC + depreciation expense -net factor income from abroad = GDP at FC

And, the statistical discrepancy is determined as gross domestic product subtract gross domestic income.

Hence, the above is the answer