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- If receipts of factor income from the rest of the world exceed payments of factor incometo the rest of the world, thenA) GDP is greater than GNP.B) GDP equals GNP.C) GNP equals NNP.D) GNP is greater than GDPThe table below shows the data for the country of Magnolia. Complete the national income accounting framework by filling in the missing data. Remember to enter a minus (-) sign to indicate negative values. Expenditures Consumption Gross investment Government spending Net exports Gross domestic product at market prices Less depreciation Less indirect taxes (net of subsidies) Net domestic product at basic prices +/- net foreign factor income Net national product at basic prices 320 350 30 260 1100 100 50 160 70 220 -10 130 780 320 99 160Which one among the following is private income? a. Wages of employees b. Government income c. Earnings of private organizations d. Salaries of managers
- Identify the part of the personal income which is actually available for consumption a. Consumption income b. National income c Disposable income d. Taxable incomeWhat is personal income? What are the sources of personal incomeQuestion 6 What must be added to the domestic factor income to avail national income?
- The table below shows the data for the country of Magnolia. Complete the national income accounting framework by filling in the missing data. Remember to enter a minus (-) sign to indicate negative values. Expenditures Consumption Gross investment Government spending Net exports Gross domestic product at market prices 100 Less depreciation Less indirect taxes (net of subsidies) Net domestic product at basic prices +/- net foreign factor income Net national product at basic prices 320 350 30 260 50 160 70 1100 220 100 -10 780 320 06 160 130What is meant by domestic incomeGive reason and explain how the following are treated while estimating national income (1) Payment or fees to a lawyer engaged by a firm
- The part of income which is not consumed is called ________Identify the item to be included in the calculation of national income? a. Rental income made by rental property owners b. Government transfer income c. Income made by companies for selling new products d. Income made by stores that sells second-hand cars or preloved itemsCalculate (a). The Gross national income at factor cost (b). Net national income
