[ Homework Help ] Open Question : Computing GDP by the expenditure approach? [macroeconomics]?
I'm supposed to be adding this all together by the expenditure approach, but I have no idea what goes under what category.
Compensation - $194.2
US exports of goods and services - 17.8
Consumption of fixed capital (depreciation) - 11.8
Government purchases - 59.4
Taxes on production and imports - 14.4
Net private domestic investment - 52.1
Personal consumption of services - 133.6
Transfer payments - 13.9
US imports of goods - 16.5
Personal taxes - 40.5
Personal consumption of non-durable goods - 63.5
Net foreign factor income - 2.2
Personal consumption of durable goods - 22.0
Sum of:
Personal consumption expenditures (C)
Gross private domestic investment (I)
Government purchases (G)
Net exports (X)
The ones I'm confused about where they belong are:
compensation
taxes on production and imports
transfer payments
personal taxes
net foreign factor income
If you could just help me figure out where those 5 go in the expenditure approach, that would be most helpful. Or if they are even included at all.
Macroeconomics is very confusing. Any help would be great.
Source: http://answers.yahoo.com/question/index?qid=20110308015848AAUJ8tR