Assume the following list of national income figures for a given year. All figures are in billions of dollars.
Wages, salaries and supplementary labour income..............................$118
Individual taxes (less subsidies)...............................................................26
Personal consumption expenditures......................................................136
Undistributed Corporate Profits................................................................13
Net Investment...........................................................................................35
Government Purchases of goods and services............................................45
Corporate Profits before taxes.....................................................................39
Net exports....................................................................................................+9
Net income of non-farm unincorporated business ........................................17
Capital Consumption Allowances...................................................................25
Accrued net income of farmers.......................................................................10
Interest and Miscellaneous Investment Income..............................................15
a) Calculate the GDP using (i) the income approach and (ii) the expenditure approach. (Both approaches must give the same answer).