3. Bureau of Economic Analysis in the USA is responsible for construction and maintenanceof national income and product accounts (NIPA). Measurement began in the 1930s due tofrustration of Roosevelt and Hoover trying to design policies to combat the GreatDepression. Simon Kuznets (Nobel laureate) was commissioned to develop initialmethodology and estimates. In 1947, the process became much more consistent.Methodologies have frequently been changed (improved?) as a result of advances ineconomics, accounting, and data collection. Past data are then revised to reflect newdefinitions.On the following information, calculate GNP at factor cost. Whether GNPFC derive fromincome method equivalent to expenditure method?S.No. ItemsRs. (In Crores)1Private final consumption expenditure10002Net domestic capital formation200(Investment)Profit4004Compensation of employers (Wages and800salaries)Rent2506.Government final consumption500expenditureConsumption of fixed capital760(Depreciation)8.Interest150Net factor income from abroad(-10)10Net exports(-20)11Net indirect taxes80

Calculation of GNP at factor cost (GNPFC) from the given data using the income method:Income…

Answered: 3. Bureau of Economic Analysis in the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Bureau of Economic Analysis in the USA is responsible for construction and maintenance of national income and product accounts (NIPA). Measurement began in the 1930s due to frustration of Roosevelt and Hoover trying to design policies to combat the Great Depression. Simon Kuznets (Nobel laureate) was commissioned to develop initial methodology and estimates. In 1947, the process became much more consistent. Methodologies have frequently been changed (improved?) as a result of advances in economics, accounting, and data collection. Past data are then revised to reflect new definitions. On the following information, calculate GNP at factor cost. Whether GNPFC derive from income method equivalent to expenditure method? S.No. Items Rs. (In Crores) 1 Private final consumption expenditure 1000 2 Net domestic capital formation (Investment) 200 3 Profit 400 4 Compensation of employers (Wages and salaries) 800 5 Rent 250 6 Government final consumption expenditure…
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