The value of the total annual output of finished goods and services of the economy in the domestic territory of a country each year is defined as: Gross national income National output at factor cost. Gross domestic product. esticn 47 Net national income.
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Q: Explain the calculation methods of Gross Domestic Product
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A: Net national product (NNI) at factor cost can be calculated by using the following formula.
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- Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Billions Compensation of employees U.S. exports of goods and services Consumption of fixed capital Government purchases $226.2 19.8 11.8 59.4 Taxes on production and imports 14.4 Net private domestic investment Transfer payments U.S. imports of goods and services 52.1 13.9 16.5 Personal taxes 40.5 Net foreign factor income Personal consumption expenditures Statistical discrepancy 2.2 249.1 0.0 Instructions: Round your answers to 1 decimal place. a. GDP = $ billion b. NDP = $ billion c. NI = $ billionThe following data represents the national income account for a country for 2017. All figures are in RM million Compensation Of Employee 588 888 Household consumption expenditure 258431 Tax On Employment 70 667 Government Finał Purchases 85 773 Transfer Payment 53 274 Domestic Private Gross Investment 71 394 Corporate Profits 177 821 Dividend Payment 9 247 Corporate Profit Taxes 85 354 Indirect Taxes 67 980 Government Subsidy 5 762 Exports 107 506 imports 112 030 Income Received From Abroad 21 030 Income…Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Billions Category Compensation of employees U.S. exports of goods and services $205.2 18.8 Consumption of fixed capital Government purchases Taxes on production and imports Net private domestic investment Transfer payments U.S. imports of goods and services Personal taxes 11.8 59.4 14.4 52.1 13.9 16.5 40.5 Net foreign factor income Personal consumption expenditures Statistical discrepancy 2.2 229.1 0.0 Instructions: Round your answers to 1 decimal place. a. GDP = $ |billion b. NDP = $ billion c. NI = $ billion
- The following data represents the national income account for a country for 2017. All figures are in RM million Compensation Of Employee 588 888 Household consumption expenditure 258431 Tax On Employment 70 667 Government Finał Purchases 85 773 Transfer Payment 53 274 Domestic Private Gross Investment 71 394 Corporate Profits 177 821 Dividend Payment 9 247 Corporate Profit Taxes 85 354 Indirect Taxes 67 980 Government Subsidy 5 762 Exports 107 506 imports 112 030 Income Received From Abroad 21 030 Income…Sa Consumption of Fixed Capital $25 Government Purchases 315 US imports 260 Personal Taxes 45 Transfer Payments 247 US Exports 249 Personal Consumption Expenditures 475 Net Foreign Factor Income Gross Private Domestic Investment 300 Taxes on Production and Imports 245 60 Undistributed Corporate Profits 240 Social Security Contributions 65 Corporate Income Taxes Statistical Discrepancy 40 Refer to the accompanying national income data (in billions of dollars). GrossThe data below shows the components of country A’s national income in 2015. S/NO ITEMS IN MILLION GHȼ I Net Domestic Capital Formation 500 II Compensation of Employees 1850 III Depreciation 100 IV Government Final Consumption Expenditure 1100 V Private Final Consumption Expenditure 2600 VI Rent 500 VII Dividend 200 VIII Interest 650 IX Net Export -100 X Profit 1100 XI Net Factor Income From Abroad -50 XII Indirect Tax 250 XIII Subsidies 200 Using the expenditure and the income based approaches, calculate Gross domestic product at market price Gross national product at market price Gross national product and Net national product at factor cost
- Gross Private Domestic Investment $ 1,593 Personal Taxes 1,113 Transfer Payments 1,683 Taxes on Production and Imports 695 Corporate Income Taxes 213 Personal Consumption Expenditures 7,304 Consumption of Fixed Capital 1,393 US Exports 1,059 Dividends 434 Government Purchases 1,973 Net Foreign Factor Income 10 Undistributed Corporate Profits 141 Social Security Contributions 748 US Imports 1,483 Statistical Discrepancy 50 Refer to the accompanying national income data (in billions of dollars). Corporate profits are equalGross domestic product is a measure of _______.the nonmarket production of goods and services.the volume of goods and services, which involved in international tradethe goods and services produced strictly by corporations.the money value of all final goods and services produced in a year by the economy.the size of the largest industry in an economy.To calculate gross national income(GNI) from gross domestic product (GDP),__ must be added and ___ must be subtracted from GDP. a) primary income payments, primary income reciepts b)primary income receipts,primary income payments c)subsidies for local production, tariffs on production from rest of the world d)taxes from rest of world, subsidies received from rest of world
- gross private domestic investment $1593 personal taxes 1113 transfer payments 1683 taxes on production & imports 695 corporate income taxes 213 personal consumption expenditures 7304 consumption of fixed capital 1393 US Exports 1059 dividends 434 government purchases 1973 net foreign factor 10 undistributed corporate profit 290 sociual security contributions 748 US imports 1483 statistical discrepency 50 Refer to the accompanying national income data (in billions of dollars) CORPORATE PROFITS are equal to?Refer to the table given. The gross national product (GNP) in billions of TL is . TL Billions Government purchases Services consumption Receipts of factor income from the rest of the world Nonresidential investment 1000 500 30 650 Exports Durable goods consumption Change in business inventories Imports Nondurable goods consumption Payments of factor income to the rest of the world Residential investment 50 300 40 200 600 50 200 3120 3420 3220 3060Explain the calculation methods of Gross Domestic Product
