Really struggling to figure this out and hope someone can help.
I have been asked to figure out the GDP via Expenditure approach and Income Approach. My problem is trying to figure out what each items are. As well I have to figure out what the National Income is.
Thanks in advance.
I have marked what each item are categorized as (to the best of my knowledge) EA=Expenditure Approach, IA=Income Approach
Transfer payments $ 246
Consumption expenditures 1,650
Fixed investments 400
Indirect business taxes 151
Undistributed corporate profits 148
Personal income taxes 386
Federal government expenditures 150
Changes in business inventories 10
Corporate taxes 43
State and local government expenditures 275
Social Security govt. contributions 100