Brief Principles of Macroeconomics...
Solutions
Brief Principles of Macroeconomics...
One day, Barry the Barber, Inc., collects $400 for haircuts. Over this day, his equipment depreciates in value by $50. Of the remaining $350, Barry sends $30 to the government in sales taxes, takes home $220 in wages, and retains $100 in his business to add new equipment in the future. From the $220 that Barry takes home, he pays $70 in income taxes. Based on this information, compute Barry’s contribution to the following measures of income.
a. gross domestic product
b. net national product
c. national income
d. personal income
e. disposable personal income
Sub part (a):
GDP
The GDP is the summation of the money value of all the goods and services produced within the political boundary of a country within a financial year. The expenditure is a main part of the GDP consideration because all the expenditures turn out to be someone's income which can be calculated in the GDP...
Sub part (b):
NNP.
Sub part (c):
National Income.
Sub part(d):
Personal Income.
Sub part (e):
Personal Disposable Income.
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