The income approach to GDP equals?
i picked b but i was wrong can anyone help?
Homework Answers
Ans. a) Employee Compensation + Profit + Net Property Income + Indirect Bussines Taxes + Depreciation - Income Earned Abroad.
Income Approach:
1) NDP = Employee Compensation + Profit + Net Property Income
2) NNP = NDP + Net Income from Abroad
Note: NNP - Net national Product or National Income
For GDP:
3) GDP = NNP + Depreciation + Indirect Bussiness Taxes - Income Earned Abroad
Add Answer to:
The income approach to GDP equals?
i picked b but i was wrong can anyone help?...
4. The difference between expenditure and income approach to measure GDP resides in: A) Expenditure approach...
4. The difference between expenditure and income approach to measure GDP resides in: A) Expenditure approach address the question “Who gets income”, while income approach “Who purchases GDP” B) Expenditure approach counts compensation of employees, rents, interest, proprietor’s income and corporate profit, while income approach counts consumption, investment, government spending and net export C) From the spending side 70% of national income is paid in wages and benefits, while from income side 72% consists of consumer expenditures D) The expenditure...
The following table gives categories for income and expenditures for a representative country: 750 600 Net...
The following table gives categories for income and expenditures for a representative country: 750 600 Net exports of goods and services Net interest paid by business Government purchases of goods and services Gross private domestic investment 2.250 3.000 600 Indirect business taxes Rental income of individuals plus implicit rent on owner-occupied housing Wages, salaries employee compensation Personal consumption expenses Depreciation Proprietorial income Corporate profits 300 9.000 10.500 1.200 1.500 1.800 Use the data in the table to caloulate Gross Domestic...
Given these data, what is the value of GDP? Provide your answer in the blank. Amount...
Given these data, what is the value of GDP? Provide your answer in the blank. Amount ($) 1,628 659 2,413 Category Federal Government Consumption and Gross Investment Interest Income Gross Private Investment Services Depreciation Durable Goods Proprietors' Income Employee Compensation Rental Income Corporate Profits State and Local Government Consumption and Gross Investment Net Income of Foreigners Nondurable Goods Imports Indirect Business Taxes Exports 1,707 1,170 1,165 7,648 227 1.766 1,100 -430 2,815 1,150 1,155 337 12,200
Question 2 Consider the following partial information from the national income and product accounts data for...
Question 2 Consider the following partial information from the national income and product accounts data for the state of Kiribati. Item $ 000 Item $'000 Depreciation ......... 105 Social security payments ............... 238 Wages... 1239 Indirect business taxes..... 371 Corporate profits ... 161 Gross private domestic investment 595 Personal taxes 392 Rental income ......... 21 Proprietor's income 168 Imports ................. Consumption .......... 1377 Net interest Exports ........... 133 Factor income paid abroad.............. Government purchases 448 22 Factor income received from...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures are in billions of dollars. Billions of Dollars $2,300 Gross private domestic investment Depreciation Exports $1,987 $3,120 $200 $4,521 Imports Government purchases of goods and services Personal consumption expenditures Indirect business taxes and misc. items Income received from other countries $6,300 $1,341 $1,118 $1,022 $8,174 $1,895 Income paid to other countries Compensation of employees (wages) Corporate profits Rental income Net interest Proprietors' income $365...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures are in billions of dollars. Billions of Dollars Gross private domestic investment Depreciation $1,700 $1,387 Exports $2,320 Imports $1,500 $3,921 Government purchases of goods and services Personal consumption expenditures Indirect business taxes and misc. items $5,700 $741 Income received from other countries $518 $422 $7,574 Income paid to other countries Compensation of employees (wages) Corporate profits Rental income Net interest Proprietors' income $1,295 $35...
The national accounts of Parchment Paradise are kept on (you guessed it) parchment. A fire in...
The national accounts of Parchment Paradise are kept on (you
guessed it) parchment. A fire in the statistics office
destroys some accounts, leaving only the data on the right.
Calculate GDP (expenditure approach) and depreciation.
(dollars) Item GDP (income approach) Consumption expenditure 6,940 7,000 Indirect taxes less subsidies 700 Interest, rent, and profit 220 Investment 160 Government expenditure Wages 180 5,900 0 Net factor income from abroad Net exports -300
(dollars) Item GDP (income approach) Consumption expenditure 6,940 7,000 Indirect...
1. Draw a Business Cycle, label all parts and explain the characteristics of each phase (stage)....
1. Draw a Business Cycle, label all parts and explain the characteristics of each phase (stage). Use the following data to answer the question below: Write down all calculations. Household Consumption $400b Rent $ 12b Depreciation 43b Interests 15b Indirect business taxes 50b Proprietors’ income 80b Government purchases 128b Employee compensation 390b Exports 7b Gross private domestic investment 88b Imports 15b Use Spending/Expenditure approach to calculate GDP Use Income approach to calculate GDP c. Calculate the statistical discrepancy
1.There are two approaches to measuring gross domestic product (GDP), expenditures approach and income approach. Expen...
1.There are two approaches to measuring gross domestic product (GDP), expenditures approach and income approach. Expenditures approach is comprised of consumption expenditures, investment expenditures, government expenditures plus net exports (exports minus imports). Households create income by supplying their labor to the firms. What items is the incomes approach comprised of? Hint: one item is compensation of employees. 2.Factor incomes are comprised of wages, interest, rent and capital. GDP does not measure certain items, what are they and why? What constitutes...
The national accounts of Parchment Paradise are kept on (you guessed it) parchment. A fire in...
The national accounts of Parchment Paradise are kept on (you guessed it) parchment. A fire in the statistics office destroys some accounts, leaving only the data on the right Calculate GDP (expenditure approach) and depreciation (dollars) 6,940 7,000 700 220 Item GDP (income approach) Consumption expenditure Indirect taxes less subsidies Interest, rent, and profit Investment Government expenditure Wages Net factor income from abroad Net exports GDP (expenditure approach) is $ 160 180 5,900 - 300
The following table gives categories for income and expenditures for a representative country: 750 600 Net exports of goods and services Net interest paid by business Government purchases of goods and services Gross private domestic investment 2.250 3.000 600 Indirect business taxes Rental income of individuals plus implicit rent on owner-occupied housing Wages, salaries employee compensation Personal consumption expenses Depreciation Proprietorial income Corporate profits 300 9.000 10.500 1.200 1.500 1.800 Use the data in the table to caloulate Gross Domestic...
Given these data, what is the value of GDP? Provide your answer in the blank. Amount ($) 1,628 659 2,413 Category Federal Government Consumption and Gross Investment Interest Income Gross Private Investment Services Depreciation Durable Goods Proprietors' Income Employee Compensation Rental Income Corporate Profits State and Local Government Consumption and Gross Investment Net Income of Foreigners Nondurable Goods Imports Indirect Business Taxes Exports 1,707 1,170 1,165 7,648 227 1.766 1,100 -430 2,815 1,150 1,155 337 12,200
Question 2 Consider the following partial information from the national income and product accounts data for the state of Kiribati. Item $ 000 Item $'000 Depreciation ......... 105 Social security payments ............... 238 Wages... 1239 Indirect business taxes..... 371 Corporate profits ... 161 Gross private domestic investment 595 Personal taxes 392 Rental income ......... 21 Proprietor's income 168 Imports ................. Consumption .......... 1377 Net interest Exports ........... 133 Factor income paid abroad.............. Government purchases 448 22 Factor income received from...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures are in billions of dollars. Billions of Dollars $2,300 Gross private domestic investment Depreciation Exports $1,987 $3,120 $200 $4,521 Imports Government purchases of goods and services Personal consumption expenditures Indirect business taxes and misc. items Income received from other countries $6,300 $1,341 $1,118 $1,022 $8,174 $1,895 Income paid to other countries Compensation of employees (wages) Corporate profits Rental income Net interest Proprietors' income $365...
8. The income approach The following table shows macroeconomic data for a hypothetical country. All figures are in billions of dollars. Billions of Dollars Gross private domestic investment Depreciation $1,700 $1,387 Exports $2,320 Imports $1,500 $3,921 Government purchases of goods and services Personal consumption expenditures Indirect business taxes and misc. items $5,700 $741 Income received from other countries $518 $422 $7,574 Income paid to other countries Compensation of employees (wages) Corporate profits Rental income Net interest Proprietors' income $1,295 $35...
The national accounts of Parchment Paradise are kept on (you
guessed it) parchment. A fire in the statistics office
destroys some accounts, leaving only the data on the right.
Calculate GDP (expenditure approach) and depreciation.
(dollars) Item GDP (income approach) Consumption expenditure 6,940 7,000 Indirect taxes less subsidies 700 Interest, rent, and profit 220 Investment 160 Government expenditure Wages 180 5,900 0 Net factor income from abroad Net exports -300
(dollars) Item GDP (income approach) Consumption expenditure 6,940 7,000 Indirect...
The national accounts of Parchment Paradise are kept on (you guessed it) parchment. A fire in the statistics office destroys some accounts, leaving only the data on the right Calculate GDP (expenditure approach) and depreciation (dollars) 6,940 7,000 700 220 Item GDP (income approach) Consumption expenditure Indirect taxes less subsidies Interest, rent, and profit Investment Government expenditure Wages Net factor income from abroad Net exports GDP (expenditure approach) is $ 160 180 5,900 - 300
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