Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 20, Problem 2IAPA
To determine
Values of A,B,C, and D
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explain how gross product is calculates using the income approach
What is the formula of Income Approach, one of the methods of Gross Domestic Product and how is it calculated?
Muintiie oT
1st
3rd
2nd
4th
Population
Quintile's %
of Income,
Ecuador,
2000
Quintile's %
of Income,
Ecuador,
2010
Quintile's %
of Income,
United
States,
2010
Sth
7
11
18
61
9.
12
21
54
10
14
20
51
United States data from the Congressional Budget Office at CBO.gov Before-tax income, rounded to whole s.
Data for other countries from WorldBank.org, rounded to whole %s.
Report your answers to two decimal places.
According to these data, the Gini coefficient for Ecuador in 2000 is
0.48
The Gini coefficient for Ecuador in 2010 is
0.44
These Gini coefficients indicate that in Ecuador, the income distribution was
in 2000 compared to 2010.
In 2010, the income distribution was
in the United States compared to Ecuador.
3.
Chapter 20 Solutions
Foundations of Economics (8th Edition)
Ch. 20 - Prob. 1SPPACh. 20 - Prob. 2SPPACh. 20 - Prob. 3SPPACh. 20 - Prob. 4SPPACh. 20 - Prob. 5SPPACh. 20 - Prob. 6SPPACh. 20 - Prob. 7SPPACh. 20 - Prob. 8SPPACh. 20 - Prob. 9SPPACh. 20 - Prob. 1IAPA
Ch. 20 - Prob. 2IAPACh. 20 - Prob. 3IAPACh. 20 - Prob. 4IAPACh. 20 - Prob. 5IAPACh. 20 - Prob. 6IAPACh. 20 - Prob. 7IAPACh. 20 - Prob. 8IAPACh. 20 - Prob. 9IAPACh. 20 - Prob. 10IAPACh. 20 - Prob. 11IAPACh. 20 - Prob. 1MCQCh. 20 - Prob. 2MCQCh. 20 - Prob. 3MCQCh. 20 - Prob. 4MCQCh. 20 - Prob. 5MCQCh. 20 - Prob. 6MCQCh. 20 - Prob. 7MCQ
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- Income aproach Table 2 Items RM (Millions) Wages and salary 1,050 Rent 850 Interest 880 Distributed Profit 1,300 Proprietor’s income 750 Depreciation 200 Undistributed profit 200 Transfer payment 75 Social security contribution 90 Personal Income Tax 110 Net factor income earned from abroad 89 Based on the above data, calculate: Gross Domestic Income Gross National Income National Incomearrow_forwardWhat does this chart say about the 1%?arrow_forwardCalculate the new Gini Coefficient for Algura when income changes as follows: Population 10 32 15 Income per month per person 1200 78000 900 Total Population 57 57 57arrow_forward
- What is the measure of the income earned by owners of resources used in making final goods and services? a. personal income b. gross domestic income c. retained earnings d. national incomearrow_forward11. Working with Numbers and Graphs Q3 Consider an economy with only five people. Initially, Kevin earns $9,600 per year, Maria earns $12,000 per year, Rajiv earns $16,800 per year, Simone earns $20,000 per year, and Yakov earns $21,600 per year. Complete the following table by calculating each individual's share of total income. Individual Kevin Maria Rajiv Simone Yakov Initial Income Share (Percent) Suppose that there is a rise in everyone's real income. Kevin now earns $9,900 per year, Maria now earns $13,500 per year, Rajiv now earns $18,900 per year, Simone now earns $22,500 per year, and Yakov now earns $25,200 per year.arrow_forwardIf National income is $3250 million and NDPFC is $2500 million Find net factor income from abroadarrow_forward
- Using the following information provided in the table below, calculate the Gini-coefficient for Algura. Population 10 32 15 Income per month per person 2000 96000 1500 Total Population 57 57 57arrow_forward“The major determinant of a country’s income distribution is its distribution of productive and income-earning assets.” Explain the meaning of this statement, giving examples of different kinds of productive and income-earning assets.arrow_forwardPlease answerarrow_forward
- A1 The income cycle flow is designed to show the flow of economic activity in a country. So the income cycle streams are the income streams that exist between existing economic sectors. Definition and concept of state income balancearrow_forward.arrow_forwardplease solve tihis question thanksarrow_forward
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