What precautions should be taken while estimating national income by income method? Or What precautions should be included or not included while estimating national income by income method?
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- What are the two main difficulties that arise in comparing different comparing GDP?Differentiate between income approach and expendature approach to measurement of national income . Also give the impoetance of national income in the economy of country ?a) Let’s assume the real GDP of country Z is increasing. James concludes that now the citizens ofcountry Z can enjoy more goods and services. Why might his conclusion be wrong? Discuss indetail.b) The GDP of country A is higher than GDP of country B. Floyd concludes that the total incomeof the citizens of country A must be greater than country B. Why might his conclusion be wrong?When might his conclusion be correct?
- Compute the GNP using the Income Approach and Expenditure Approach. Personal Consumption ExpendituresP 1,059,000 Compensation of employees and entrepreneurial & propertyIncome of persons980,000 Government Income31,000 Indirect Taxes132,500 Exports of goods and non-factor services648,200 Fixed Capital Formation232,400 Government Services116,000 Imports of goods and non-factor services648,100 Subsidies3,900 Trade237,000 Increase in Stocks7,200 Corporate Income16,000 Depreciation Allowance176,000 General Government Consumption Expenditures86,500 Net Factor Income From Abroad20,600Q.No.1. Differentiate the following by giving at least one practical example National income Vs Personal incomeExplain 4 limitations that National Income Statistics have in determining a country's economic welfare
- A. Discuss two uses of the National Income statistics. B. Explain why ‘transfer payments’ are excluded from National Income calculationsCalculate the value of net national income (NNI) at factor cost.7. Why are the following not included in national income : (a) Sale of an old car; (b) Winning of a lottery; (c) Income of a smuggler.
- Question: What is the aggregate of the gross balances of primary income of all resident institutional units knows as?[A] Gross domestic Product[B] Gross national product[C] Gross National income[D] Net national productPlease Don't use chatgpt or other ai tool.Calculate (a). The Gross national income at factor cost (b). Net national income35 - Which of the following does GNP measure?A) Illegal economic activitiesB) Non-market economic activitiesC) the quality of goods and servicesD) Economic exchanges in the marketE) the informal economy
