Use the information in the table below to answer Q.3.1 to Q.3.3: GDP at market prices R397bn Net primary income payments to the rest of the world R37bn Indirect taxes R23bn Subsidies R11bn Consumption of fixed capital R32bn Q.3.1 Calculate the value of gross national income (GNI) at market prices. Q.3.3 Calculate the value of net national income (NNI) at factor cost. Q.3.4 Identify the two major accounts of the balance of payments and explain the key difference between the two accounts.

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A: Given that, Income of Amy = $20,000Income of Betty =  $40,000Income of Charlie =  $60,000Income of…

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Q: Suppose a small economy has two income tax rates: 15% for all income up to $50,000 and 30% for any…

A: National income implies the worth of labour and products created by a country during a monetary…

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A: Government purchase includes government spending on goods and services, by federal, state and local…

Q: Use the information in the table below to answer Q.3.1 to Q.3.3: GDP at market prices R397bn Net…

A: The GNP at market price(MP) shows us the value(in monetary terms) of all the finished goods &…

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

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

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

A: The difference between the value of gross national product and depreciation is referred to as net…

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Q: Y=C0+C1(Y-T)+I+G, C0=100 dollars, C1=0.8 (1) Suppose that tax collection (t) increases as much as…

A: Given - Y=100+0.8(Y-T)+I+G => Y=100+0.8Y-0.8T+I+G => 0.2Y=100-0.8T+I+G

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A: here we calculate the Net export and GDP by using the following table which are as follow-

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A: The household income refers to the income which is generated by the people after they work and all…

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A: GDP computes the monetary value of final goods and services—that is, those that are purchased by the…

Q: What relevant aspects of the economy are not reflected in the national income accounting system?

A: National income accounting is a record-keeping system that records the economic activities of a…

Q: of

A: We know that equilibrium requires: Y = AE = C + I + G C = (1 - MPS)(Y - T) and I = (MPS)(Y-T) So, Y…

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A: The income approach is one of the approaches used to calculate GDP.

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A: Product ApproachThere are two producers in the economy. One produces wheat and other produce bread.…

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A: Tax revenue means the income earned through taxation by the government.

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A: Below is the calculation of national income: *National Income = GNP - Depreciation  National Income…

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A: Note: You have uploaded multiple questions at a time. Hence, we shall answer the first one for you.…

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: Suppose a small economy has two income tax rates: 15% for all income up to $50,000 and 30% for any…

A: The majority of the government's usual revenue comes from taxes. Taxes, which are imposed on people…

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.

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A: Personal income: It means the total earnings of an individual.

Q: what is the output approach, the income approach, and the expenditure approach to measuring national…

A: The income, expenditure and the output approaches are used to measure national income.

Q: GDP at market prices R397bn Net primary income payments to the rest of the world R37bn Indirect…

A: Given, GDP at market prices is R 397bn Net Primary income from ROW is R 37bn Indirect taxes is R…

Q: Using the following national income accounting data, compute (a) GDP, (b) NDP, and () NI. All…

A: Formula used-  GDP = Personal consumption expenditure + Net private domestic investment + Government…