Distinction between National Income (GDP) vs Disposable Income

Question 1

What is national income or GDP

Answer 1

The total level of income generated by the economy in a particular period of time ex. a year,

Question 2

What is disposable income

Answer 2

The sum that income earners have available to spend in a particular time period

Question 3

What is national income

Answer 3

Is a measure of the tot level of income earned in an economy over a specified period of time. The production of g/s generates income,
If 20B in g/s are produced, then income f 20B is generateda

Question 4

National income statistics include

Answer 4

GDP, GNP, GNI per capital

Question 5

National income identity

Answer 5

NII is a direct result of thee CFI. The value of all final g/s produced by firms throughout the economy is equivalent to the amt of money spent by consumers to acquire it, therefore
total expenditure=total output

Question 6

The value of the final g/s can be derived by

Answer 6

Considering the cost of producing such output, the costs of production consist of factor payments in the forms of rent, wages, interest and profit
therefore, the value of
output=sum of all forms of income and is shown by tot output=tot income

Question 7

Tot expenditure=

Answer 7

Tot output

Question 8

tot output=

Answer 8

tot income

Question 9

tot expenditure=

Answer 9

tot output= tot income