national income accounting

Question 1

what is gross domestic product (GDP) means?

Answer 1

total market value of all final goods and services produced within a country in a given time period .

Question 2

what GNP means?

Answer 2

total market value of all final goods and services produced by the residents

Question 3

what formula for NNPmp?

Answer 3

GNPmp-depreciation

Question 4

what is include in personal income?

Answer 4

corporate income taxes,retained earnings,social security contributions and insurance premium.

Question 5

is socso and epf are the same?

Answer 5

yes

Question 6

what is include in expenditure approach?

Answer 6

personal consumption (C), investment (I), government spending (G) and net export (X-M)

Question 7

what is formula for GDPmp expenditure approach?

Answer 7

GDPmp=C+I+G+(X-M)

Question 8

GNPmp expenditure approach formula?

Answer 8

GDPmp + net factor income abroad

Question 9

GNPfc expenditure approach formula?

Answer 9

GNPmp - indirect taxes (IT) + subsidies (S)

Question 10

formula NI expenditure approach?

Answer 10

GNPfc-depreciation

Question 11

what is net export?

Answer 11

export - import

X-M

Question 12

formula for GDPfc expenditure approach?

Answer 12

GDPmp+subsidies-indirect taxes

Question 13

what is major income components in the national income for income approach?

Answer 13

wages and salaries,net interest,rental income,profits

Question 14

gdp for income approach?

Answer 14

wages+salaries+rent+profit+interest +dividend

Question 15

GDPmp for product approach?

Answer 15

all finals product in th economy

Question 16

GNPfc of product approach?

Answer 16

GNPmp-indirect taxes+subsidies

Question 17

4 uses of national income?

Answer 17

standard of living comparison
national planning
sectoral contributions
national expenditure

Question 18

3 difficulties in calculating NI

Answer 18

problem of expertise
problem of double counting
problem of false information

Question 19

how to calculate national income (NI) per capita?

Answer 19

NI divided by population of the country (based on question)

Question 20

what is disposable personal income formula?

Answer 20

DPI=PI+PIT (personal income tax)