compute National Income using the Income Approach
Given the national income accounts, (NI) data below (ALL figures are in billions of dollars) compute National Income using the Income Approach (10points)
| National Income data | $ AMOUNT(in Billions) |
| Consumption | $9,269 |
| Compensation of Employees (Wages and salaries) | $7,489 |
| Investment | $2,212 |
| Government spending | $2,527 |
| Profits | $2,631 |
| Exports | $1,466 |
| Imports | $2,229 |
| Interest | $509 |
| Rent | $77 |
Inflation data
| Year | Price of
Books $ |
Quantity of Books | Price of Pencils $ | Quantity of Pencils | Price of Pens $ | Quantity of Pens |
| 2011 | $50 | 10 | 1.00 | 100 | $5 | 100 |
| 2012 | $50 | 12 | 1.00 | 200 | $10 | 50 |
| 2013 | $60 | 12 | 1.50 | 250 | $20 | 20 |
The Inflation data above shows the prices and the quantities consumed in a college bookstore. Using 2011 as the base year
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