Give one reason how will it would be treated in estimating national income 1)Expenditure on fertilisers by a farmer 2)Purchase of tractor by a farmer

Q: 45. The Sum of GDP and the balance of primary (net) income from abroad is... 1. Disposable income 2.…

A: GDP is one of the measures of national income. "Gross domestic product (GDP) is the total value of…

Q: Calculate the net domestic product (NDP),

A: NDP (Net Domestic Product): It refers to the measurement of the economics output. It is the account…

Q: b. Use the data below to calculate the I. Gross National Product at Market Price II. Gross National…

A: Since you have posted a question with multiple subparts, we will solve the first three sub-parts for…

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: Double counting can be avoided by: Including the value of intermediate goods in the current year. O…

A: If the value of intermediate goods is not counted in GDP then double counting could be avoided.

Q: The Bahamas is a group of islands whose economy relies heavily on tourism. The majority of the…

A: The Gross Domestic Product is the summation of the money value of all the final goods and services…

Q: Differentiate between GNP and GDP.Also Find out GNP at factor cost of the given data.The net…

A: The value of products and services generated inside a country's boundaries, by residents and…

Q: With reference to the table given above, calculate:  iii. National Income  iv. Personal Income…

A: Gross domestic product refers to the market value of goods and services that are produced within the…

Q: (1) State two methods of measuring national income. (2) What are the difficulties in measuring…

A: 1. The main methods of measuring national income are as follows (i) Production Computation Method -…

Q: If you calculate GDP by adding together the final demands of consumers, business firms, the…

A: The term ‘GDP’ or gross domestic product refers to the market value of all services and commodities…

Q: Consumption in the calculation of gross domestic product does not include Consumer services Consumer…

A: GDP refers to the production of goods and services during an accounting year.

Q: Compute the GNP using the Income Approach and Expenditure Approach.

A: GNP is the Gross National Product of an economy. It can be defined as the sum of the value of all…

Q: Explain any two items which are included in the expenditure method of national income?

A: According to the given question According to the expenditure method the national income is basically…

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: Discuss two uses of National Income Statistics.

A: The national income statistics is used by a country to gather data and aggregate economic activity…

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: 11. Which of the following are not included in GDP statistics? The value of goods and services O…

A: GDP is the total value of all goods and services produced in a given economy during a set period of…

Q: A farmer grows a bushel of wheat and sells it to a miller for $40.00. The miller turns the wheat…

A: GDP refers to the sum total of all the final goods and services produced in the economy during a…

Q: What is Gross Domestic Product? What is included in this statistic? What is excluded?

A: (Q)What is Gross Domestic Product? What is included in this statistic? What is excluded?

Q: Define gross national income (GNI)?

A: There are many factors to measure the economic growth and development of a country. Gross national…

Q: (National Income Accounting) Explain why intermediate goods and services usually are not included…

A: GDP is a measure of economic growth that computes the current market value of all final goods and…

Q: Use either the expenditure approach or the income approach to calculate the following national…

A: GDP by Expenditure Method = Consumption + Investment + Government Spending + Net Exports Net Exports…

Q: In a simple economy, calculate gross domestic product using the following figures. (Not all…

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

Q: What is double counting and why must be avoided when measuring GDP? How do statisticians avoid the…

A: Double counting:- It refers to counting the value of one good or service more than once.  For…

Q: Refer to the accompanying national Income data for the economy. All figures are in billions of…

A: Gross Domestic Product is defined as the final value of all goods and services produced in an…

Q: Differentiate between income approach and expendature approach to measurement of national income .…

A: The economies around the world works on the basis of the expenditures which various entities in the…

Q: Name the two ways of measuring the national income accounts

A: National income can be measured in three ways that is product method or value-added method, income…

Q: why the expenditure apporach is used to calculate gdp

A: The gross domestic product is the aggregate value of all final goods and services produced in the…

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

A: Value Added Method of calculating national income is also called the production method. The national…

Q: Calculate GDP using the Income and Expenditure Approach. (all figures are in billions of dollars):…

A: Gross Domestic Product is calculated by the following formula :    GDP = Consumption + Investment +…

Q: What is Gross National Income and give some examples

A: Gross national income is the sum of GDP and net factor income.

Q: Calculate NNP at FC and personal income in the question below. GDP at FC 400 Income from domestic…

A: Use Below formula:NNP at FC = GDPFC-Depreciation +NFIANFIA = Net factor income from abroad

Q: Give reason and explain how the following are treated while estimating national income (1) Payment…

A: If we value the production of the country in an accounting year then this is reffered to be as…

Q: 26. Which of the following sectors are included in the National Income Accounting? a. only firms b.…

A: National income accounting calculates total value of final goods and services produced in the…

Q: Explain how gross domestic product is calculated using each of the following: the income approach…

A: GDP refers to the monetary value of all final goods and services produced in a country during a…

Q: Calculate from the followig data (a) Private income (b) Personal disposable (vi) Net current…

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

Q: 18. Calculate the gross domestic product for the economy with the following data: Indicators Amount…

A: Note:- Hi! Thank you for the question, As per the honor code, we are allowed to answer one question…

Q: What is household consumption expenditure reflecting in terms of GDP of a country? What it indicates…

A:

Q: 1. Identify whether the following items are officially included in United States GDP or GNP.…

A: The GDP (Gross Domestic Product) calculation includes the final value of all goods and services…

Q: Identify which of the following measures are used to calculate national income?

A: The national income is the total income or the GDP which is the total domestic income which can be…

Q: Mention three difficulties in calculating national income by expenditure method.

A: National income is an income which is accordingly and generally produced by a country during a…

Q: Why do national income accountants compare the market value of the total outputs in various years…

A: Gross domestic product  is the total market value of all the services and finished goods being…

Q: 7. Why are the following not included in national income : (a) Sale of an old car; (b) Winning of a…

A: National Income refers to the measurement that provide information about the total addition of new…

Q: explain the concept of National income.Also state its features

A: National income is the basic concept of macro economics. It is the total income of all the services…