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Survey of Economics (MindTap Course List)

Survey of Economics (MindTap Course List)

9th Edition

ISBN:9781305260948

Author:Irvin B. Tucker

Publisher:Irvin B. Tucker

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 13SQ

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Check on the table below the factors that measure national income. Choose only three from the list and write down an example that represents to it.

1. Check on the table below the factors that measure national income. Choose only
three from the list and write down an example that represents to it.
Measures of National Income
Example
1. Gross Domestic Product
2. Gross National Product
3. Net National Product
4. NNP at Factor Cost
5. Personal Income
6. Disposable Personal Income

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1. Check on the table below the factors that measure national income. Choose only three from the list and write down an example that represents to it. Measures of National Income Example 1. Gross Domestic Product 2. Gross National Product 3. Net National Product 4. NNP at Factor Cost 5. Personal Income 6. Disposable Personal Income
Page 551 5. Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in bilions. Compensation of employees $194.2 U.S. exports of goods and services 17.8 Consumption of fixed capital 11.8 Government purchases 59.4 Taxes on production and imports 14.4 Net private domestic investment 52.1 Transfer payments U.S. Imports of goods and services 13.9 16.5 Personal taxes 40.5 Net foreign factor income 2.2 Personal consumption expenditures 219.1 Statistical discrepancy
Identify the part of the personal income which is actually available for consumption a.Consumption income b.Disposable income c.National income d.Taxable incom
Identify the part of the personal income which is actually available for consumption a. Consumption income b. National income c Disposable income d. Taxable income
2. Given are the following sets of accounts: RM (Million) Compensation to employees Proprietor's income Corporate profits 5969.5 756.5 787.4 Net interest 684.2 Rental 142.4 Depreciation 1393.5 Indirect Taxes 44.4 Subsidies 22.6 Net factor payments to the rest of the world 9.6 a. Calculate the GDP using the income method.
A. The table below shows the national income of a country in 2012. Use the data to answer the questions that follow: ITEMS $ MILLIONS Personal Consumption Expenditure 640.00 Gross private Domestic Investment 180.00 Government Expenditure 220.00 Exports of goods and services 175.00 Imports of goods and services 202.00 Subsidies 48.00 Indirect business taxes 322.00 Consumption of fixed capital 115.00 Net property income from Abroad 80.00 i. Define Gross Domestic Product (GDP ii. Calculate the: a. Gross Domestic Product (GDP) b. Gross National Product (GNP)
Identify the part of the personal income which is actually available for consumption a. Taxable income b. Consumption income c. National income d. Disposable income
a. Below is the national income data of a country in a year 2021. Calculate the: ITEMS Private expenditure Mining and quarrying Finance and insurance Manufacturing Transportation Hotel and restaurant Agriculture, forestry and fishing Communication Dividends received by individuals Capital consumption Indirect taxes Net factor income received from abroad Subsidies Transfer payments i. Gross Domestic Product at market price. ii. Gross Domestic Product at factor cost. iii. Gross National Product at factor cost. iv. National Income. RM (Million) 2000 800 950 2500 4000 1260 2280 740 130 200 1500 690 89 140 - insurance.
What is the measure of the income earned by owners of resources used in making final goods and services? a. personal income b. gross domestic income c. retained earnings d. national income
4 In which method, gross domestic product (GDP) is measured, by adding all types of spending on goods and services Select one: a. Income method b. Value added method c. Output method d. Expenditure method
With reference to the table given above, calculate: iii. National Income iv. Personal Income v. Disposable Income
What should be added to the net output to get the national income? a. Net factor income from abroad b. Net consumption c. Intermediate consumption d. Net income

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