- The GDP from the income and expenditure approach is $388 billion. The NDP is $361 billion.
- The national income by making NDP changes and adding types of income and taxes is $357 billion.
- The personal income is $291 billion.
- The disposable income is $265 billion.
What is national income?
- The national income of a nation is influenced by the value of the products and services generated therein during the course of a fiscal year. It is the total economic output, measured in terms of money, for any nation over the course of a year.
- A good used to create other products is known as an intermediary good. For instance, automobiles are made of steel. There shouldn't be any double counting when calculating the national product.
- National Income (NI): Also referred to as National Income at Factor Cost, this term refers to the total income generated by resources for their contributions of land, labour, capital, and organisational capacity.
The complete question is:
Below is a list of domestic output and national 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 income approaches. The results you obtain with the different methods should be the same.
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- Using the above data, determine GDP by the expenditures and income approaches. Then determine NDP.
- Now determine NI in two ways: first, by making the required additions or subtractions from NDP; and second, by adding up the types of income and taxes that make up NI.
- Adjust NI (from part b) as required to obtain PI.
- Adjust PI (from part c) as required to obtain DI.
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