1. Briefly discuss the three approaches of measuring national income.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

Answer all asap 

1.
Briefly discuss the three approaches of measuring national income.
2. The following is the information from the national income account:
GDP
67.38
Personal taxes
742.1
Transfer payments to persons
936.4
Payment of factor income to the rest of the world
178.6
Personal interest income received from government and consumers
254.3
Receipts of factor income from the rest of the world
167.1
Depreciation
715.3
Indirect taxes minus subsidies
553.1
Calculate:
a.
Gross National Product
b.
Net National Product
National Income
C.
d.
Personal income
е.
Disposable income
Transcribed Image Text:1. Briefly discuss the three approaches of measuring national income. 2. The following is the information from the national income account: GDP 67.38 Personal taxes 742.1 Transfer payments to persons 936.4 Payment of factor income to the rest of the world 178.6 Personal interest income received from government and consumers 254.3 Receipts of factor income from the rest of the world 167.1 Depreciation 715.3 Indirect taxes minus subsidies 553.1 Calculate: a. Gross National Product b. Net National Product National Income C. d. Personal income е. Disposable income
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Public Policy
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education