1. Briefly discuss the three approaches of measuring national income.

Q: xplain THREE (3) difficulties in measuring national income?

A: National income measures the monetary value of goods and services produced in the economy.

Q: United States 2015 (Billions USD) GDP 18,238.3 Trade balance -4913 Net factor income from abroad…

A: GDP = 18,238.3 Trade Balance = -491.3 Net income from abroad = 185.4 Net Unilateral Transfer =…

Q: The table below shows the values for several different components of GDP. Composition of Gross…

A: The total gross investment is defined as the expenses incurred or investment made on the purchase of…

Q: Write down short note about the circular flow of national income

A: Circular flow of income is the basis of macroeconomics incorporating national accounts. This shows…

Q: How national income can be measured in economics? Explain briefly:

A:

Q: Explain the Basic Equation of National Income with its genesis meaning.

A: The National Income(NI) is the aggregate sum of pay building to a country from economic activities…

Q: 5. The Planning Institute of Jamaica (PIOJ) collected the following data over a one-year period: $…

A: Disclaimer: Since you have asked multipart questions, we will solve the first three questions for…

Q: about the national income and ways how to measure the national income

A: National Income can be understood as to the method in which one can measure that how a country's…

Q: Use the following table to answer the next question. The following national income data for an…

A: Gross Domestic Product (GDP) is the value of final goods and services produced within the domestic…

Q: Explain three limitations of Gross Domestic Product.

A: Gross domestic product (GDP) refers to the total market value of goods and services produced by a…

Q: IV. Net National Income at V. Personal Income VI. Disposable Income

A: We need to calculate, 4) Net National Income at a Basic Price 5) Personal Income 6) Disposable…

Q: what are the different concepts of national income

A: There are various concepts of National Income GDP GNP NNP NI PI DI and PCI

Q: State whether each item below would be included or excluded from the me explain why. OT GDP and…

A: The gross domestic product (GDP) is the aggregate value of goods and services produced in the…

Q: What precautions should be taken while estimating national income by income method? Or What…

A: The total income generated by a nation's economic activities over the course of a year is known as…

Q: The figure shows the flows of expenditure and income in an economy. In 2013, Uwas $1.0 trillion,…

A: We are given that U (G) = 1 trillion (Government spending)  V = 2.5 trillion ( Private Saving) W or…

Q: Briefly explain National Income; what it is? Briefly describe any of its three concepts.

A: Economics is a study which studies the human behavior of in using the scarce resources that have…

Q: Based on the data, how much is the net exports? net exports? A -20 120 1.580 B

A: Net exports are a measure of a nation's total trade. The formula for net exports is a simple one:…

Q: 4. (1 pt) When Britney Spears married one of her dancers, what effect might it have had on national…

A: If she marries one of her dancers, then, assuming her husband does not get paid anymore (and is…

Q: Q-1(B). Discuss the concept of national income. And explain how to measure National income with…

A: National income is defined as the money value of all final goods and service produced within the…

Q: What are intermediate goods? Why do economists exclude the value of intermediate goods while…

A: Intermediate goods, producer goods or semi-completed products are goods, like mostly completed…

Q: The following data refers to the National Income of Country XYZ for January 2020. Table 2: National…

A: Answer iv) personal income = National income + Transfer Payments — income tax…

Q: National Income; what it is? Briefly describe any of its three concepts

A: National income is defined as the total value of final goods and services produced in an economy…

Q: Please show all your calculation. Round your answer to two decimal places. Refer to the accompanying…

A: Answer c. According to the question, it is given that : The Price Index in year 2020 is 117.  The…

Q: If Mr. Keating quits his job as a teacher to homeschool his own children, GDPa. stays the same…

A: GDP is the total sum of the economic activity inside the nation's territorial limits for a given…

Q: Expenditure Approach Table 3 Items RM Million Subsidies 4,500 Factor Payments Received from…

A: GDPMP = Consumption Expenditure + Investment + Government Expenditure + Net Exports             =…

Q: Define national income? Why do countries keep national income accounts? Distinguish between GDP…

A: National income is the value of final goods and services produced in an economy every year.

Q: Which of the following is the way to show the output of a Kuwaiti company has a production unit…

A: The gross national income (GNI) is the entire amount of money earned by a country's citizens and…

Q: The table given below reports the value of different economic variables of a country during a year.…

A: Gross Domestic Product (GDP) measures the value of final goods and services produced in the domestic…

Q: Use the information in the table below to answer: GDP at market prices R397bn Net primary income…

A: Net national income at factor cost can be calculated by using the following formula.

Q: Explain the three approaches to national income?

A: According to the given question National income is also known as a national product which is a…

Q: c) The table below contains information about the national income data of a country. Items RM…

A: GDP at Market Price = Personal consumption + Gross private domestic investment + Government…

Q: Using what you know about national income accounting, answer the following: a. Assuming that…

A: Disposable income is the income that is left after paying taxes. It is the income that is used to…

Q: Briefly describe the demirits of state enterprise in the field of national income?

A:

Q: Which one of these items will not be a part of the current year's GDP? а. Spending of the government…

A: Transfer payments are not included in GDP.

Q: #1 The following are national income account data for a hypothetical economy in billions of dollars:…

A: Answer in step 2

Q: 2) Refer to Table 1. The value for national income in billions of dollars is

A: GDP can be calculated as : =Depreciation+Government purchases-Imports+Net private…

Q: United States 2015 (Billions USD) GDP 18,2383 Trade balance -4913 Net factor income from abroad 1854…

A: Ans in step 2

Q: Explain any four precautions that should be taken while estimating national income by the production…

A: According to the given question The production method of national income usually denotes that the…

Q: Differentiate between GNP and GDP. What precautionary measures should be taken while estimating GNP?…

A: The standard measure of value-added produced during a certain time by manufacturing goods and…

Q: What are the five components of national income?

A: The value of products and services generated by a country over the course of a fiscal year is…