The table below includes data for a one-year period required to calculate GDP for this economy.All figures are in billions of dollars. TABLE 20-3 Refer to Table 20-3.What is the value of GDP (in billions of dollars),as calculated from the income side?

Question

The table below includes data for a one-year period required to calculate GDP for this economy.All figures are in billions of dollars.  TABLE 20-3 Refer to Table 20-3.What is the value of GDP (in billions of dollars),as calculated from the income side?

Quizplus · Accepted Answer

GDP can be calculated from both the expenditure side and the income side. On the income side, we add up all the income earned by the factors of production in the economy, which includes compensation of employees, rent, interest, and profits. To calculate GDP from the income side, we add up all these components: 
$2,911 + $1,003 + $1,798 + $1,532 = $8,244 billion
Therefore, the correct answer is (C) $9244 billion, which is not one of the options given.

The Table Below Includes Data for a One-Year Period Required