Using the data in the table in the link below, what is the statistical discrepancy? Question 3. http://postimage.org/image/uxa0gr3cf/
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In previous questions, we have estimated GDP in this economy using the income approach and the expenditures approach. These two methods should come out with the same value for GDP. However, they often do not since such calculations are, in the real world, very complex. Therefore, any difference between the two estimates is put down as “statistical discrepancy.”
This means that we find the statistical discrepancy simply by finding the difference between our two estimates. Our income based estimate was C$194 billion and our expenditure based estimate was C$162 billion. The difference between these two is C$32 billion.
Therefore, the statistical discrepancy in this case is C$32 billion.
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