Question

Net Foreign Factor Income $8 Corporate Profits 47 Gross Private Domestic Investment 73 Proprietors' Income 46 Dividends 13 Consumption Of Fixed Capital 41 Social Security Contributions 10 US Exports 23 Government Purchases 97 Personal Consumption Expenditures 314 Transfer Payments 27 Imports of the US 24 Personal Taxes 46 Corporate Income Taxes 23 Taxes on Production and Imports 50 Interest 16 Undistributed Corporate Profits 11 Statistical Discrepancy 66 Refer to the accompanying national income statistics (in billions of dollars). Personal income is_______.

Answer 1

Answer:

$376 billion

Explanation:

The formula and the computation of personal income is shown below:

=  Personal Consumption Expenditures + Personal Taxes + Interest

= $314 billion + $46 billion + $16 billion

=  $376 billion  

The personal incomes show a combination of the personal consumption expenditure, personal taxes, and interest. So accordingly we added the three above components