Homework Answers
Solution: 201
Working:
| GDP | 200 |
| Minus: Depreciation | -6 |
| Net Domestic Product ( NDP) | 194 |
| Less: Income earned by rest of the world | -5 |
| Less: Indirect tax | -10 |
| Add: Income earned from rest of the world | 9 |
| National income | 188 |
| Add: Transfer payments | 55 |
| Less: Corporate income taxes | -12 |
| Social insurance | -30 |
| Personal income | 201 |
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Using Table 7 and Table 8 (attached below), create a table that
contains the following information for the last year quarterly
(Q3):
Gross domestic product
Gross national product
Net national product
National income
Personal income
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1. What is the difference gross domestic product (GDP) and gross
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compared to GNP?
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