B: Short questionDiscuss any one of the following questions2. Nominal national income and real national income in Oman.3. Differentiate between Gross Domestic product and Gross National Product?

National income is a macroeconomic indicator that helps determine a country's economic stability. It…

Answered: 3. Differentiate between Gross Domestic…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 5CQQ

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1- Answer the following questions, According to given data about Country X, Corporation Tax Insurance Payment Student Grant Payments Export Import Retained Earnings Government Expenditures Depreciations Consumption Payments Personel Taxes A. What is the value of Gross Domestic Product for country X? B. What is the value of Gross National Product for country X? C. What is the value of Net National Product for country X? D.What is the value of National Income for country X? E. What is the value of Personel Income for country X? F. What is the value of Disposable Personel Income for country 25 15 15 25 15 40 X? 400 30 950 60 Indirect Taxes 70 Other Transfer Payments 20 Gross Investments 250 Net Foreign Factor Income Interest Earnings 55 15
5. GDP during a period can be calculated by summing either (A) the purchases of domestically produced final goods and services or the cost incurred in the production of those goods. (B) the amount received by business firms for consumer goods and services or the spending of business firms on investment goods and services. (C) all household expenditures on final goods and services or all business purchases of factors of production. (D) sales of goods and services to foreigners or the purchase of goods and services from foreigners. (E) the final market value of all goods purchased or the income generated from all labor services rendered. 6. Which one of the following would count as investment in the national income accounts? (A) buying a U.S. government bond (B) buying 100 shares of Wal-Mart stock (C) buying an existing house (D) a freight-hauling firm buying a new domestically produced truck (E) a car manufacturer buying tires from a tire manufacturer
Total consumer expenditure 400,000 Government spending 148,000 Gross domestic capital formation 160,000 Value of physical income in stock 8,000 Export of goods. 72,000 Import of goods 68,520 Subsidies 5,560 Taxes on expenditure 6,960 Capital consumption 22,000 Income from abroad 51,600 Income paid abroad 29,600 From the following data country X, you are required to calculate: 1. GDP at factor cost 2. GNP at factor cost 3. NNP
3. The market value of all final goods and services produced in the country during the year, regardless of whether there are factors of production of the residents of the country or owned by foreigners-is: a) gross domestic product; b) gross national product; c) the GDP deflator; d) net national product; e) national income.
J 7
The link between gross domestic product (GDP) and national income (NI) isSelect one from the following options. A)indirect business taxes, net foreign factor income, savings B)indirect business taxes, profit, investment C)indirect business taxes, net foreign factor income, consumption of fixed capital D)indirect business taxes, net foreign factor income, investment
1- GDP is defined as ____________ Select one: a. The market value of all final goods and services produced within a country in a given period of time. b. The market value of all goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time. c. The market value of all goods and services produced within a country in a given period of time. d. The market value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time. Clear my choice 2- If the quantity of loanable funds demanded exceeds the quantity of loanable funds supplied, in that case there is a shortage and the interest rate is below the equilibrium level. Select one: a. True b. False
2. The following table shows an example of gross domestic product values for five countriesfrom 2005 to 2010 in equivalent U.S. dollars ($). a. How could you improve the readability of this table?b. The file GdPyears contains sample data from the United Nations Statistics Divisionon 30 countries and their GDP values from 2005 to 2010 in U.S. dollars ($). Create atable that provides all these data for a user. Format the table to make it as easy to readas possible.
16. Write the name of the three missing categories of expenditure that contribute to a country's GDP. exports Draw a picture that accurately represents each category. Several pictures or categories are already filled in for you. consumption + 1 + = + GDP
c. There are two methods to compute national income: (1) add up total and (2) add up total domestic output; generated by producing that output. The first measure is called GDP from the side. The value calculated by the first method is side, the second measure is called the GDP from the the value calculated by the second method, other than errors of measurement.
30 Gross Domestic products includes net income from abroad Select one: a. True b. False
8. KEY QUESTION Below is a list of domestic output and na-tional income figures for a certain year. All figures are in billions. The questions that follow ask you to determine the major national income measures by both the expenditures and the income approaches. The results you obtain with the different methods should be the same. Personal consumption expenditures $245 Net foreign factor income 4 Transfer payments 12 Rents 14 Statistical discrepancy 8 Consumption of fixed capital (depreciation) 27 Social Security contributions 20 Interest 13 Proprietors’ income 33 Net exports 11 Dividends 16 Compensation of employees 223 Taxes on production and imports 18 Undistributed corporate profits 21 Personal taxes 26 Corporate income taxes 19 Corporate profits 56 Government purchases 72 Net private domestic investment 33Net private domestic investment 33 Personal saving 20a. Using the above data, determine GDP by both the ex-penditures and the income approaches. Then determine NDP. b. Now…

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