Difference between national income, GNP, NNP?

Bonus Question: Based on the table below, calculate National income and then GDP using the income approach as per the table below: Description Billions of dollars Compensation of employees 800 Corporate profits 200 Statistical discrepancy 70 Rental Income 400 200 Depreciation 20 Profits of government enterprises 120 Proprietor's income

Expenditure on free services provided by the government is a part of national income  True/False

In the expenditure approach of measuring GDP, which of these would not be counted as government purchases? Government paying private contractors. Wages of government employees. Social Security. Fleet of US military airplanes.

Which spending category of GDP does each of the following transactions count in? Please enter the letter C, I, G, NX, or N to represent consumption, investment, government spending, net exports, or none. The government paid a total of $30,000 in subsidies to people who had installed solar panels on their homes  . Bill spent his $400 social security check on rent and food  . Company X produces $5,000 of wine this year but they do not sell it  . Your parents pay $8,000 for tuition to UCF  . The government pays $1 million to people it hires to collect census data

Explain the income measure of GDP.

Is gross domestic product a reliable indicator of a nation's economic wealth? What might be a better indicator?

The value of national income is $3100 million and the value of net factor income from abroad is $600 million Calculate the value of NDPFC

A stay at home dad grows his own vegetables, cleans the house, and cooks dinner O Included in GDP Not Included in GDP

GDP includes: GDP includes:  the decrease in well being of residents after an oil spill.  the increase in income earned by cleanup workers residing in the vicinity of an oil spill.  the depletion of natural resources.  the value of dead birds found on the beach after an oil spill.