Conversions Of National Account Flashcards by Connor Brice | Brainscape

Q

Example of tax on products

A

VAT

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Q

Example of tax on production

A

Payroll taxes

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Q

Example of subsidies on products

A

Bread

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Q

Example of subsidies on production

A

Employment

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Q

Convert basic to market prices

A

+ production taxes - products subsidies

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Q

Convert factor to market prices

A

+ production taxes - production subsidies

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Q

Convert factor to basic prices

A

production taxes + production subsidies

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Q

Convert market to factor prices

A

production taxes + product subsidies

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Q

Calculate net domestic product

A

GDP - consumption of fixed capital

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Q

Calculate real GDP

A

Nominal GDP x 100 / deflator

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