. What is the difference between GDP and each of the following? a. Gross national Product b. Net national Product c. National Income d. Personal income (subpart to be solved) e. Disposable Personal Income (subpart to be solved)

. What is the difference between GDP and each of the following? a. Gross national Product b. Net national Product c. National Income d. Personal income (subpart to be solved) e. Disposable Personal Income (subpart to be solved)

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter5: National Income Accounting

Section: Chapter Questions

Problem 2E

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Question

2. What is the difference between GDP and each of the following?

a. Gross national Product

b. Net national Product

c. National Income

d. Personal income (subpart to be solved)

e. Disposable Personal Income (subpart to be solved)

Definition Definition Monetary value of all goods and services produced in an economy during a financial year. National income also refers to the total income earned by the factors of production during a financial year.

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