Define national income? Why do countries keep national income accounts? Distinguish between GDP and GNP?

Q: what are the statement by Robert Kennedy on the important aspects that GDP does not include .Provide…

A: Robert Kennedy has very beautifully explained the drawbacks of the GDP. He said GDP does not include…

Q: Define GDP

A: GDP or Gross Domestic Product is an indicator of growth.

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

A:

Q: Why the components of GDP exhibit behaviors much different than GDP itself?

A: Gross Domestic Product refers to the sum total of the goods and services produced in the economy…

Q: The income based GDP formula states that GDP is the sum of wages, rent, and interest, and…

A: According to income based approach GDP is the sum of wages,rent and interest and profits in a given…

Q: What are the differences of Nominal GDP VS REAL GDP??

A: Nominal GDP:- The actual price of the commodities and services created in a nation, unaltered for…

Q: Why does the investment components of GDP includes purchase of new capital goods but no purchase of…

A: GDP measures the final value of all goods and services that are produced within the domestic…

Q: Explain three shortcomings of using GDP to measure the size of the economy.

A: GDP: It is used to measure economic well-being.

Q: Calculate GDP using: i) income approach ii) expenditure approach

A: There are three important ways to calculate the GDP  Expenditure method Income method Product…

Q: What is the difference between GDP and GNP? Which one is the better measure of income?Why?

A: GDP refers to the final value of goods and services produced in an economy with the given resources…

Q: What is a real GDP? Why do economists prefer to use that as a measurement over regular GDP?

A: Real GDP is the final value of goods and services that are produced in the economy and are ready for…

Q: . What is the difference between GDP and each of the following?                 a. Gross national…

A: Note : Since we only answer up to 3 sub-parts, we'll answer the question specified. Please resubmit…

Q: Distinguish between nominal GDP and real GDP?

A: Generally, there are two types of GDP: 1. Nominal GDP 2. Real GDP

Q: Home production, such as cooking food at home, does not count towards GDP. What do you expect…

A: GDP includes in the values of the goods and services that are bought in the markets exclude over the…

Q: Are there problems with GDP that should be fixed?

A: GDP is widely used concept to major economy health GDP is total of aggregate production of goods and…

Q: Why are there two measures of GDP.

A: The gross domestic product (GDP) is that the most commonly used indicator of an economy's size…

Q: What is the formula for income and expenditure approach of GDP?

A: The market value of all final goods and services produced in the economic territory of the country…

Q: Compare the term GDP, GNP, National income with the help of statistics of pakistan?

A: GDP i.e., gross domestic product is the value of a nation's finished domestic goods and services…

Q: What is the difference between GDP and GNP?

A: ‘GDP’ is the value of all goods & services produced in an economy in a period of time.  ‘GNP’ on…

Q: Why is GDP not a good indicator in measuring quantity of life?Explain.

A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

Q: Given the following: consumption = 700, investment = 300, government expenditure = 150 and net…

A: The economy's GDP is calculated by the following formula, GDP = Consumption + Investment +…

Q: Why is GDP an imperfect measure of well-being and why do economists use real GDP rather than nominal…

A: Life standards have increased all over the world as a result of economic development. Modern…

Q: Why the intermediate goods are not included in measuring GDP

A: Intermediate goods are those goods which are not used for final consumption but used as input to…

Q: What does GDP not tell us about economy?(analyze critically).

A: GDP stands for gross domestic product. It implies the total value of goods and services produced in…

Q: The items listed below, determine whether or not each would be used to compute GDP.  If it is…

A: GDP refers to the sum total of market value of final goods and services produced in a country during…

Q: Why the use real GDP is preferred by economists over nominal GDP to gauge economic well-being?

A: Gross Domestic Product denotes the total aggregate output that is produced in the country at a given…

Q: Define GDP and distinguish between a final good and an intermediate good. please provide examples.

A: GDP stands for gross domestic product. It is the market value of all the final goods and services…

Q: What are the three views on GDP and how do they differ from each other? Since they measure output…

A: GDP refers to the total output or income generated by the people of a county in a specific year. It…

Q: Why do we calculate GDP using the expenditure approach

A: GDP: It means the market value of all final goods and services that are produced within a country…

Q: In measuring GDP, How does income approach differs to expenditures approach?

A: Answer is given below

Q: Q3. Distinguish between i. GDP at factor cost and GDP at market price ii. GDP and GNP

A: GDP refers to the total value of all the final goods and services that produced in the economy…

Q: Distinguish the GDP and GNP with example?

A: Gross domestic product is defined as the total worth of all final goods and services produced in a…

Q: Distinguish Nominal GDP and Real GNP with example?

A: Economists use real GDP rather than nominal GDP to measure economic health because real GDP is…

Q: What's the difference between GDP and GNP ?

A: GDP refers to the value of final goods and services produces in an economy within a year It can be…

Q: dentify whether or not each of the following transactions would be included in GDP, and if so, which…

A: GDP calculation is essential concept in macro economic analysis, it enables us to draw a clear…

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: Explain the difference between GDP and GNP with an example.

A: GDP includes the values of only final goods thus it excludes the value of intermediate goods.

Q: In what ways are national income statistics useful?

A: The national income accounting refers to a bookkeeping system used by the government of a country to…

Q: What is the difference between intermediate and final goods? Why is the distinction between…

A: Macroeconomics studies the various forces affecting the economy as a whole like aggregate demand and…