Exhibit 11-5  GDP data (billions of dollars) Personal con…

Exhibit 11-5  GDP data (billions of dollars) Personal consumption expenditures (Consumer spending) $5,207 Interest 425 Corporate profits 735 Government spending 1,406 Depreciation 830 Rental income 146 Gross private domestic investment 1,116 Compensation of employees 4,426 Exports 870 Imports 965 Indirect business taxes 553 Proprietors’ income 520 Personal taxes 886 Social Security taxes 432 Transfer payments 376 Use Exhibit 11-5 and the expenditures approach to determine gross domestic product (GDP):  Expenditure approach is the equation of GDP we used in class.