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Answer :
Final answer:
To calculate National Income (NI), one must adjust the Gross Domestic Product (GDP) by adding net U.S. income earned abroad, subtracting depreciation, and adding other business income adjustments. Using the given figures, the NI is found to be $11.5 trillion.
Explanation:
National Income can be calculated by starting with the Gross Domestic Product (GDP) and making adjustments for income earned abroad, indirect business taxes, depreciation, and other business income adjustments.
To find the NI, we use the formula:
- Add net U.S. income earned abroad to GDP.
- Subtract depreciation.
- Add other business income adjustments less indirect business taxes.
The calculations using the provided data are:
- GDP = $13.0 trillion
- Consumption = $9.5 trillion (not needed for this calculation)
- Depreciation = $1.8 trillion
- Other business income adjustments less indirect business taxes = $0.2 trillion
- Net U.S. income earned abroad = $0.1 trillion
Following the given steps:
- GDP + Net U.S. income earned abroad = $13.0 trillion + $0.1 trillion = $13.1 trillion
- Subtract depreciation = $13.1 trillion - $1.8 trillion = $11.3 trillion
- Add other business income adjustments = $11.3 trillion + $0.2 trillion = $11.5 trillion
Therefore, the National Income (NI) is $11.5 trillion.
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