Suppose the data here is for a given year from the annual Economic Report of the President.?

Question

Calculate GDP, using the expenditure and the
income approaches.

Corporate profits $ 305
Depreciation 479
Gross private domestic investment 716
Personal taxes 565
Personal saving 120
Government consumption expenditures 924
Imports 547
Net interest 337
Compensation of employees 2,648
Rental income 19
Exports 427
Personal consumption expenditures 2,966
Indirect business taxes 370
Contributions for Social Security (FICA) 394
Transfer payments 543
Proprietors’ income 328

Answer 1

Using the expense approach, it would be consumption+investment+government+net exports.

So, this would be 2,966+716+924+427-547= 4,486.

Using the income approach, it would be corporate profits + depreciation + compensation of employees + rental income + indirect business taxes + proprietors income

So, this would be 305+479+2648+19+370+328=4,149