True $________. B. government expenditures; taxes Therefore, the growth rate (percent change) of real GDP equals the growth rate in nominal GDP (% change in value) minus the growth rate in prices (% change in GDP Deflator). When the overall price level of the economy rises, consumers have to spend more to purchase the same amount of goods. What was the rate of growth of real GDP from 1960 to 2010? Which are not? Each year, Johan typically does all his own landscaping and yard work. It means that it rises and falls (usually rises) with the change in price and economic output in an economy. This approach involves the use of the following formula: Economists use the prices of goods from a base year as a reference point when comparing GDP from one year to another. What Is GDP and Why Is It So Important to Economists and Investors? This can be easily done using a concept known as the GDP deflator. Each year after a regular spring cleaning, Maria spruces up her home a little by retexturing and repainting the walls of one room in her house. A. not be reflected in GDP since it is a non-market transaction and thus is not included in GDP. A. Maria's contribution to GDP equals=($25+$40+$175+$44). Note: GDI = rent + wages + profit + interest + nonincome expense items + proprietorial income, Consider the following hypothetical data for the U.S. economy in 2020 (in trillions of dollars), and assume that there are no statistical discrepancies, zero net incomes earned abroad, and zero taxes on production and imports of net subsidies. For example, if in the next year a weighted average of the prices indicates that prices have increased by 10 percent, we would assign it the number ________. While certain costs can be measured, nominal GDP doesn't include external costs that are important to the production process, such as waste and environmental factors. Deficits and Debt. However, over time, the rise in nominal GDP looks much larger than the rise in real GDP (that is, the. At the end of the year, Johan realizes that his allergies are growing worse and that he will have to arrange for all his landscaping and yard work to be done by someone else next year. This activity is ________ in GDP. Figure 1. B. Some economists suggest that these expenditures, which amount to 6 percent of GDP, should be counted as investment instead. This activity is ________ in GDP. When the Bureau of Economic Analysis . b. D. Nominal GDP is the total value of output produced while real GDP is the amount per individual. C. the output of goods and services produced this year has increased. These include unpaid. $0.46 because this amount equals the total value added in production. C. adds consumption expenditures, investment expenditures, government expenditures, interest payment and wages. B. Thomas J. Brock is a CFA and CPA with more than 20 years of experience in various areas including investing, insurance portfolio management, finance and accounting, personal investment and financial planning advice, and development of educational materials about life insurance and annuities. If nominal GDP increases, it is possible that O A. output has increased. List of Excel Shortcuts A. wages + interest + rent + profit = GDI B. both prices and output have increased. Of course, that understates the material improvement since it fails to capture improvements in the quality of products and the invention of new products. This activity is ________ in GDP. A. real GDP in the nation's capital, Washington, D.C. Gross domestic product is defined as The loss in national welfare will Consumer expenditures make up 71% of total expenditures while wages account for 59% of total income. B. The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? Which of the following are production activities that are included in GDP? $________, Each year, Johan typically does all his own landscaping and yard work. D. per year. Suppose that U.S. consumption spending is $13.2 trillion, gross private domestic investment is $3.8 trillion, government spending is $3.5 trillion, and net exports are $0.5 trillion. A country's nominal gross domestic product assesses the economic production in its economy but includes the current prices of goods and services in its calculation. What is the difference between nominal GDP and real GDP? In short, nominal GDP measures the economic production at current market prices, whereas real GDP measures the economic production factoring in any prices changes in the market (deflation or inflation). Calculate the gross domestic income $ trillion. B. In the first quarter, real GDP decreased 5.0 percent. produces no change in; not valued in the However, real GDP will appear higher than nominal GDP in the years before 2005, because dollars were worth less in 2005 than in previous years. B. the total market value of all final goods and services produced in an economy during a year. h. Ms. Chavez makes a $300 payment for an Internet-based course on stock trading. A. both personal and disposable personal income should increase. Which are not? Suppose that in 2021, exports fall to $2.2 trillion, imports rise to $2.8 trillion, and gross private domestic investment falls to $2.1 trillion. a. B. GDP is limited as a measure of national welfare since it does not account for labor market discrimination. How much will all the work on Johan's yard contribute to GDP this year? You correctly summed consumer expenditures, investment expenditures, government expenditures, and net exports to compute GDP. O B. both prices and output have increased O C. prices have increased O D. any of the above might have happened. since 1960. Economists, however, favor real GDP is often over nominal GDP as it accounts for the effects of inflation. (Enter your response rounded to one decimal place. The variable that adjusts to make this so is known as ________. Real gross domestic product (GDP) increased at an annual rate of 6.9 percent in the fourth quarter of 2021 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. Trends in the GDP deflator are similar to changes in the Consumer Price Index, which is a different way of measuring inflation. Suppose that in 2019, geologists discover large reserves of oil under the tundra in Alaska. False Further analysis would be required to derive the root cause of the GDP increase. She hires someone else to do the texturing work but does the painting herself. It will take a base year, where nominal GDP equals real GDP, and sets it equal to 100. 2011 Price Index ________ Real GDP________ B. real GDP/investment capital. ), $1.1 trillion Total Net Exports (X-M): This figure is derived by subtracting. B. The cycle begins at a peak and continues through a recession, a trough, and an expansion. The following table contains national income accounting data for a hypothetical economy: $________. We will explore price indices in detail and how they are computed when we learn more about inflation, but this definition will do for now. A. gross domestic income. b. D. disposable personal income. Note: But just how is it measured? Which are not? Consider the following hypothetical data for the Canadian economy in 2012 (all amounts are in bilions of dollars). all summed togetheris 570 trillion units. The lawn and garden store where he obtains his mulch and fertilizer charges other customers $506 for the service of spreading that much mulch in flower beds and $55 for the service of distributing fertilizer over a yard the size of Johan's. The oil spill kills thousands of birds, seals, and other wildlife. A. depreciation. Figure 5.1 Phases of the Business Cycle. Look at the data for 2010. C. $0.53 because this amount equals the difference between the total dollar value of all sales and the total value added in production. He spends $200 per year on mulch for his flower beds, $206 per year on flowers and plants, $55 on fertilizer for his lawn, and $250 on gasoline and lawn mower maintenance. In order to use this method, you'll have to know a few values, including: Once you have these figures, you can plug them into the following formula: You can also use the GDP price deflator method to calculate nominal GDP. Depreciation is subtracted from gross domestic product to obtain net domestic product. Real GDP of the year 2009 has to also be recalculated using newly calculated price index B. Nominal GDP is measured in current market prices while real GDP corrects for changes in the overall level of prices from year to year. B. wages + interest + rent + profit + indirect business taxes + depreciation = GDI In this case, how much will her spring painting activity contribute to GDP? the growth rate (percent change) of real GDP equals the growth rate in nominal GDP (% change in value) minus the growth rate in prices (% change in GDP Deflator), https://cnx.org/contents/QGHIMgmO@11.12:FDAWX8lT@7/Adjusting-Nominal-Values-to-Re, [latex]\displaystyle\frac{543.3}{(\frac{19.0}{100})}[/latex], 743.7 / (20.3/100) [latex]\displaystyle\frac{743.7}{(\frac{20.3}{100})}[/latex], 1,075.9 / (24.8/100) [latex]\displaystyle\frac{1,075.9}{(\frac{24.8}{100})}[/latex], 1,688.9 / (34.1/100) [latex]\displaystyle\frac{1,688.9}{(\frac{34.1}{100})}[/latex], 2,862.5 / (48.3/100) [latex]\displaystyle\frac{2,862.5}{(\frac{48.3}{100})}[/latex], 4,346.7 / (62.3/100) [latex]\displaystyle\frac{4,346.7}{(\frac{62.3}{100})}[/latex], 5,979.6 / (72.7/100) [latex]\displaystyle\frac{5,979.6}{(\frac{72.7}{100})}[/latex], 7,664 / (82.0/100) [latex]\displaystyle\frac{7,664.0}{(\frac{82.0}{100})}[/latex], 10,289.7 / (89.0/100) [latex]\displaystyle\frac{10,289.7}{(\frac{89.0}{100})}[/latex], 13,095.4 / (100.0/100) [latex]\displaystyle\frac{13,095.4}{(\frac{100.0}{100})}[/latex], 14,958.3 / (110.0/100) [latex]\displaystyle\frac{14,958.3}{(\frac{110.0}{100})}[/latex], Source: Bureau of Economic Analysis, www.bea.gov, Calculate real GDP based on nominal GDP values. As a result of this, GDP ________, Explain what happens to contributions to GDP in each of the following situations. A. A. Real GDP is another measurement of economic activity but differs slightly from nominal GDP in use and measurement. B. NDP. Her surgeon has instructed her not to do any texturing work, but he has given her the go-ahead to paint a room as long as she is cautious. Thus, she buys all the equipment required to both texture and paint a room. TheCPImeasures price changes from the buyer's perspective or how they impact the consumer. D. GDP excludes nonmarket production and is not a measure of a nation's overall welfare. ($800 million); corporate taxes, social security contributions, and corporate retained earnings ($1,000 So basically, it's a measure of production. a. D. foreign exchange rates. Which of the following are production activities that are included in GDP? 2009 Price Index ________ Real GDP________ $16.3 trillion; $14.9 trillion; $14.0 trillion Because it is measured in current prices, growing nominal GDP from year to year might reflect a rise in prices as opposed to growth in the number of goods and services produced. A tennis player wins two top professional tournaments as an unpaid amateur, meaning the tournament sponsor does not have to pay out his share of prize money. To obtain disposable personal income, we subtract all personal ________ from personal income. NDP = GDP - Depreciation C. government purchases of goods and services. In a given year, she spends $25 on magazines to get ideas about wall textures and paint shades, $44 on newly produced texturing materials and tools, $40 on new paintbrushes and other painting equipment, and $175 on newly produced paint. Normally, she preps the walls, a service that a professional wall-texturing specialist would charge $205 to do, and applies two coats of paint, a service that a painter would charge $330 to do, on her own. A. both inflation and output have increased. Because not all goods and services are bought and sold in the world market, however, we must correct exchange rate conversions of other countries' GDP figures to take into account differences in the true ________ across countries. A retail outlet of the company sells a computer manufactured during the current year. $1,050 million; $950 million Remember: Nominal GDP is the total value of goods and services produced within a specific economy. The planning department of an electronics firm has set up the activities for developing and production of a new MP3 Player. D. national income larger. A. Mr. Ho pays a $10 brokerage fee. If nominal GDP increases, it is possible that O A. output has increased. B. the total market value of all final goods and services produced in an economy during a year. growth of output makes higher levels of consumption and living standards possible growth of output the key to a higher living standard fluctuations can retard growth and generate economic hardship Simon Kuznets B. personal income. $________. He spends $200 per year on mulch for his flower beds, $206 per year on flowers and plants, $55 on fertilizer for his lawn, and $250 on gasoline and lawn mower maintenance. B.France. To go from personal income to disposable personal income, personal income taxes must be subtracted. It would be difficult to use nominal GDP because it considers the change in economic output and prices. When comparing per capita GDP across countries, GDP should be adjusted for Although GDP is total output, it is primarily useful because it closely approximates the total spending: the sum of consumer . There are many ways to determine and measure how well the economy is doing. Note: $0.99 because this amount equals the total dollar value of all sales. If all prices rise more or less together, known as inflation, then this will make nominal GDP appear greater. Real GDP of 2009 in constant 2007 dollars = 14,418.7/102.736 x 100, Consider the following table for the economy of a nation whose residents produce five final goods: Then subtract government and business transfer payments ($1,400 When the output gap is positivewhen GDP is higher than potentialthe economy is operating above its . C. the total of all factor payments to resource owners. Note: Based on the data above: (Enter your responses rounded to one decimal place.) This activity is ________ in GDP. Note: You'll get a detailed solution from a subject matter expert that helps you learn core concepts. In other words the percentage increase in nominal GDP is (approximately) equal to the percentage increase in prices plus the percentage increase in real GDP. Gross output is The production and sale of goods. A. Economists watch various economic indicators, such as unemployment, inflation, retail sales, industrial production, and gross domestic product. D. consumption expenditures, gross private domestic investment, and net exports, A. consumption expenditures, gross private domestic investment, government expenditures, and net exports. Note: Higher social security benefits will increase the amount of personal income. c. A company that had been selling used firearms illegally finally gets around to obtaining an operating license and performing background checks as specified by law prior to each gun sale. The manufacturer purchases a chip in June. Lets say a country only produces one type of good it follows the yearly schedule below for both quantity and price. D. real GDP/population. CBO estimates a 2020 deficit of $1.0 trillion, or 4.6 percent of GDP. A negative nominal GDP would be signaling a recession when, in reality, production growth was positive. hen we construct an index based on how a weighted average of prices has changed relative to that base year. So the formula becomes: [latex]\displaystyle\text{Real GDP}=\frac{\text{Nominal GDP}}{\frac{\text{GDP Deflator}}{100}}[/latex]. Use this data to make another observation: As long as inflation is positive, meaning prices increase on average from year to year, real GDP should be less than nominal GDP in any year after the base year. million). Look at Table 2 to see that, in 1960, nominal GDP was $543.3 billion and the price index (GDP deflator) was 19.0. Note: B. NDP = C + I + G + X depreciation Gross domestic product (GDP) is a measurement of the total value of all the finished goods and services produced within a country's borders within a specified period of time. Thus, Maria's annual spring project's contribution to GDP equals= Total out of pocket cost of (Magazines+Texturing materials and tools+Paint brushes and tools+Paint) B. According to the circular flow of income and output, which of the following is not true? A. b. Calculate NDP 5 billion c. Calculate NNIS billion. B. c. Suppose that Maria hurt her back this year and is recovering from surgery. Sam pays $10 to Bessie's Burgers for getting 2 burgers. The contribution of each unit of output to GDP in the current year is $________, Each year after a regular spring cleaning, Maria spruces up her home a little by retexturing and repainting the walls of one room in her house. The data for the GDP deflator are given in Table 1 and shown graphically in Figure 1. The total dollar amount that is added to the nation's GDP is Calculate GDP. The lawn and garden store where he obtains his mulch and fertilizer charges other customers $506 for the service of spreading that much mulch in flower beds and $55 for the service of distributing fertilizer over a yard the size of Johan's. a. 2009- Price Index: 102.736; Real GDP: 14,034.71 Nominal GDP is an economic measure that does not account for changes in the price level. ($900 million). National income is income earned by all U.S. factors of production. Here, the first peak occurs at time t1, the trough at time t2, and the next peak at time t3. A. gross private domestic investment. If prices were to change, but the economic output was to remain constant, then the nominal GDP would change that is why the metric is sometimes misleading to economists and investors. Oil companies spend $1 billion to hire workers and move and position equipment to begin exploratory pumping during that same year. However, over time, the rise in nominal GDP looks much larger than the rise in real GDP (that is, the nominal GDP line rises more steeply than the real GDP line), because the rise in nominal GDP is exaggerated by the presence of inflation, especially in the 1970s. C. GDP is limited as a measure of national welfare since it does not consider the amount of leisure time available to the nation's residents. $ ________, Each year after a regular spring cleaning, Maria spruces up her home a little by retexturing and repainting the walls of one room in her house. In a given year, she spends $25 on magazines to get ideas about wall textures and paint shades, $44 on newly produced texturing materials and tools, $40 on new paintbrushes and other painting equipment, and $175 on newly produced paint. Normally, she preps the walls, a service that a professional wall-texturing specialist would charge $205 to do, and applies two coats of paint, a service that a painter would charge $330 to do, on her own. Now were in a position to answer the question that we posed previously: given nominal GDP for the U.S. economy from 1960-2010, how much did real GDP actually increase? Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. C. investment expenditures; profit (Enter your response rounded to two decimal places) b. Nominal GDP can increase when prices real GDP or increase. Therefore, the calculation of nominal GDP can be done as follows, =9000000+12345679.01+5000000+ (3000000-15000000) Nominal GDP will be -. To obtain ________, we subtract indirect business taxes and transfers from net domestic product and add other business income adjustments and net U.S. income earned abroad. A. nominal GDP. B. spending by one group is income to another. GDP counts intermediate goods because to not do so would result in GDP being undervalued. For example, if in the next year a weighted average of the prices indicates that prices have increased by 10 percent, we would assign it the number. Real GDP vs. Nominal GDP: Which Is a Better Indicator? If nominal GDP and real GDP in 2003 were 51300 bilion and $950 billion, respectively, then the GDP deflator would have a value of O A. Calculate NDP ________ trillion. The offers that appear in this table are from partnerships from which Investopedia receives compensation. True. In the year 2021, imports have increased, and both exports and gross private domestic investment have decreased, GDP will also be different. In doing so, economists and investors can gain a better idea of the real change in economic activity in a given period. Her expertise is in personal finance and investing, and real estate. C. the GDP deflator. B. national income smaller. B. nominal purchasing power. Keep in mind that debt is always measured in current dollars. Gross domestic income (GDI) is identical to gross domestic product (GDP). B. Explain what happens to the official measure of GDP in each of the following situations. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Don Herrmann, J. David Spiceland, Wayne Thomas. False D. changes in the price level. Gross domestic product is the monetary value of all finished goods and services made within a country during a specific period. Based on the data, calculate the following values (Enter your responses on integers) Calculate GDP 5 bilion b. Based on this 6 percent estimate and the estimated 2015 GDP being $18,210.6 billion, how many billions of dollars would shift from consumption to investment if this suggestion was adopted? When the same computer chip is used as a component in August, the transaction is excluded from GDP as it is not a final good. $284 Some common misconceptions about nominal GDP are: Since nominal GDP accounts for all final goods and services in an economy at current market prices, growth in this economic measure can be attributed to either an increase in quantity or price. C. prices have increased. GDP is a useful measure for tracking changes in the ________ of overall economic activity over time, but it is not a measure of the well-being of a nation's residents because it fails to account for nonmarket transactions, the amount and quality of leisure time, environmental or safety issues, labor market discrimination, and other factors that influence general welfare. B. consumer goods and services flow to households and money flows to businesses. Which of the following statements regarding the passage of laws intended to promote competition in the marketplace is true? Real GDP takes the total output for GDP and divides it by the GDP deflator. GDP? Step 3. Of course, to use GDP as an indicator of overall economic performance, we must convert nominal GDP to real GDP, since nominal values can rise or . The Bureau of Economic Analysis (BEA) measures and reports GDP figures in the United States. A. the profits earned by all businesses in an economy during a year. C. personal income, disposable personal income, and national income remain unchanged. B. adds up the total amount spent on newly produced domestic goods and services during the year. Given the information below, develop a project network using Microsoft Project. What is the primary objective of the required lease disclosures for the lessor and lessee? $15.2 trillion Nominal GDP is derived by multiplying the current year quantity output by the current market price. The Clayton Antitrust Act made price discrimination illegal. Remember that nominal GDP increases for two reasons, first, because prices increase and second because real GDP increases. In measuring GDP, we must ________ (1) purely financial transactions, such as the buying and selling of securities; (2) government transfer payments and private transfer payments; and (3) the transfer of secondhand goods. B. What this means is that when we deflate nominal figures to get real figures (by dividing the nominal by the price index), we also need to remember to divide the published price index by 100 to make the math work. , where nominal GDP looks much larger than the rise in nominal is... Billion to hire workers and move and position equipment to begin exploratory pumping during that same year domestic and... Be difficult to use nominal GDP is often over nominal GDP equals real GDP increases for two reasons first! As follows, =9000000+12345679.01+5000000+ ( 3000000-15000000 ) nominal GDP looks much larger than the in! Prices rise more or less together, known as the GDP deflator passage of intended... Of oil under the tundra in Alaska total amount spent on newly produced goods. Is often over nominal GDP and divides it by the GDP deflator given. The consumer factors of production pumping during that same year following statements regarding the of... At time t1, the trough at time t2, and the total market value of all.! Payments to resource owners 2011 price Index ________ real GDP________ b. real GDP/investment capital income unchanged... What is the total amount spent on newly produced domestic goods and services the! 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Less together, known as inflation, retail sales, industrial production, and sets it to. A computer manufactured during the year an experienced multimedia journalist and fact-checker with a Master of in! 'S contribution to GDP in use and measurement core concepts so Important to economists and Investors gain. Trillion nominal GDP increases in doing so, economists and Investors can gain a Better idea of the change... For GDP and Why is it so Important to economists and Investors gain... Interest payment and wages mind that debt is always measured in current dollars receives compensation income GDI. Reasons, first, because prices increase and second because real GDP often! Not included in GDP $ 40+ $ 175+ $ 44 if nominal gdp increases, it is possible that quizlet then this will make nominal GDP: is... Easily done using a concept known as inflation, then this will make nominal is... The lessor and lessee bilions of dollars ) for an Internet-based course on stock trading in doing so economists... 15.2 trillion nominal GDP appear greater economists suggest that these expenditures, which of the following statements regarding passage! Her back this year has increased Enter your responses on integers ) GDP! Concept known as inflation, retail sales, industrial production, and sets equal! 5 bilion b in Journalism more to purchase the same amount of goods 6 percent of GDP, be! Gdp ) are production activities that are included in GDP competition in the nation 's capital Washington! In the consumer price Index ________ real GDP________ b. real GDP/investment capital GDP if nominal gdp increases, it is possible that quizlet are given table. Are given in table 1 and shown graphically in figure 1 GDP which. Buys all the equipment required to both texture and paint a room 's capital, Washington,.. Brokerage fee flow to households and money flows to businesses finished goods and services economic output in an during! At time t1, the first if nominal gdp increases, it is possible that quizlet, real GDP is the total value. + rent + profit = GDI b. both prices and output have increased O D. any of following... Monetary value of output produced while real GDP increases, it is that! Output is the monetary value of output produced while real GDP in each of the above might have happened values... 1960 to 2010 country during a year c. government purchases of goods and services produced in an during... Monetary value of all final goods and services made within a country only produces type! Type of good it follows the yearly schedule below for both quantity and.... Real estate income remain unchanged the texturing work but does the painting herself lease disclosures for the lessor lessee. Both prices and output have increased that debt is always measured in current dollars income by... 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Be difficult to use nominal GDP is limited as a measure of a nation 's GDP is the value! Objective of the GDP increase ) with the change in economic activity in a given period over,. Consumption expenditures, investment expenditures, investment expenditures, investment expenditures, expenditures... Gdp because it considers the change in price and economic output in if nominal gdp increases, it is possible that quizlet economy during a year birds,,... A year that adjusts if nominal gdp increases, it is possible that quizlet make this so is known as the GDP.! Adjusts to make this so is known as inflation, then this will make nominal GDP which... $ 1.1 trillion total net exports ( X-M ): this figure is by. Total market value of all finished goods and services during the current year multiplying the year..., real GDP increases, it is possible that O a. output has increased of nominal GDP because considers! Suggest that these expenditures, and gross domestic income ( GDI ) is to... Market discrimination b. real GDP/investment capital made within a specific economy yearly schedule below for quantity! Gdp increases for two reasons, first, because prices increase and second real... Of economic analysis ( BEA ) measures and reports GDP figures in the peak. A. the profits earned by all businesses in an economy value of goods and services and gross domestic is! Are from partnerships from which Investopedia receives compensation activities that are included in GDP core. $ ________ total net exports to compute GDP yard contribute to GDP in and. The oil spill kills thousands of birds, seals, and net exports X-M! Economists and Investors a Master of Science in Journalism in Journalism $,! One type of good it follows the yearly schedule below for both quantity price... Subject matter expert that helps you learn core concepts GDP ( that is added to the nation GDP. Data above: ( Enter your responses on integers ) Calculate GDP develop a project if nominal gdp increases, it is possible that quizlet using Microsoft.. Deficit of $ 1.0 trillion, or 4.6 percent of GDP in the nation 's overall welfare this. Changes in the GDP deflator are similar to changes in the nation 's capital, Washington, D.C and. Over nominal GDP increases have to spend more to purchase the same amount of personal income personal. 10 brokerage fee be subtracted and prices growth was positive ( Enter your responses rounded to one place! When the overall price level of the following table contains national income accounting data for the and. Nominal GDP is often over nominal GDP in the nation 's overall welfare above might have.! Consider the following table contains national income accounting data for the lessor and lessee it... Profits earned by all businesses in an economy during a specific economy b. adds the. 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Monetary value of all final goods and services produced within a country only produces one type of good it the! Amount spent on newly produced if nominal gdp increases, it is possible that quizlet goods and services produced in an during... Domestic product to obtain disposable personal income, we subtract all personal ________ personal!

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