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Taxes unrelated to incomes net of any non-income-related subsidies(nonincome expense item)
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$1,200
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Gross Corporate Profits plus Proprietors' Income
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$2,140
|
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Rental Income (including implicit rents)
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$175
|
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Net Interest
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$650
|
|
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$1,775
|
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Wage and Salary Income
|
$8,200
|
Part 2
* Solution :-
From the given information the calculations are as follows.
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- 13 Which national income estimation method needs information such as indirect taxes, depreciation and intermediate consumption? a. Net output b. Income c. Expenditure d. Factor4 National Income at constant prices can be obtained by multiplying current production of output to _______. a. Base year output b. Base year price c. Current prices d. Current taxes7- The__________refers to the sum of all current incomes received by the individuals or households from all sources within the domestic territory of a country during an accounting year. a. National income b. Private income c. Personal income d. Passive income
- (a) Explain the difference between government spending and the government Purchases of goods and services . Which is larger? (b) Explain why national income and gross domestic product would be essentially equal if there were no deprecation.What is the value for Gross Domestic Product if households receive $315 in net interest income, wages equal $10,169, rental receipts on land are $884, total business profits before taxes are $1,862, and indirect business taxes are $1,139? Assume depreciation and net foreign income are zero. Enter the value without a $ and without commas.16- Which one of these will be deducted from gross output to determine the net output? a. Intermediate consumption b. Private income c. Factor income from abroad d. Total government spending
- Al's Aluminum Company sells $1 million worth of aluminum to Shiny Foil Company, which uses the aluminum to make aluminum foil. Shiny Foil Company sells $3 million worth of aluminum foil as a final product to consumers. How much do the transactions just described contribute to the Gross Domestic Product? options: $3 million. $2 million. $4 million. $1 million.Assume there are only two producing sector Y & Z in an economy. Calculatea) Gross value added at market price by each sector b) National income from the followings:Items Amount in CroresNet factor income from abroad- 20Sales by Y= 1000Sales by Z= 2000Change in stock of Z= -200C Closingstock of Y= 50 Opening stock of Y= 100Consumption of fixed capital by Y & Z= 180Indirect taxes paid by Y & Z= 120Purchase of raw material by Y= 500Purchase of raw material by Z= 600Exports by Z= 70Using the following information, calculate the Net Domestic Product at Factor Cost: Government Final Consumption Expenditure 100 Net Indirect Tax 80 Private Final Consumption Expenditure 300 Consumption of Fixed Capital 20 Gross Domestic Fixed Capital Formation 50 Net import 10 Closing stock 25 Opening Stock 25 a. 410 b. 340 c. 380 d. 420
- Theo, a single taxpayer, actively participates in a rental real estate activity. During the year, his total rental real estate income was $25,000. His only other income for the year was $180,000 in wages. He does not have any adjustments to income, nor does he have any expenses allocable to investment income. How much of Theo's income is subject to the net investment income tax? $0 $5,000 $25,000 $205,000Q.No.4. Compare and contrast product, income, and expenditure methods of measuring National Income in detail. Also exemplify at least three (3) problems of each method?Differentiate between GNP and GDP.Also Find out GNP at factor cost of thegiven data.The net domestic product at market price of an economy is Rs.4500cr. Thecapital stock worth Rs.4000cr and it depreciates at the rate of 10% per annum. Netindirect tax amount to Rs.130cr,factor income from rest of the world is 400cr. And torest of the world is 600 cr.
