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macroeconomics
NATIONAL INCOME ACCOUTING
| Question | Answer |
|---|---|
| what is th definition of GDP? | total market value of all final good and services produce unnually within the nation durin agive period of time |
| Good and service produce are divided into 2 categories,what are they?? | 1)intermediate goods 2)final good and services |
| what is intermediate goods give some examples? | product that can be resold and use in further stages of production example:*APPLE THAT ARE PRODUCED TO MAKE APPLE JUICE *Steel - a raw material used in the production of many other goods, such as bicycles. |
| what is final good and services? | product that are purchased and ready for consumption example:an apple purchased by wife * a bicycle purchased by a father. |
| what are the 3 approaches to compute GDP? | *OUTPUT EXPENDITURE *EXPENDITURE METHOD *INCOME METHOD |
| what is output method? | summings up all the value of all good and services producing in a country. |
| what is expenditure method? | a years expenditure to purchase a nations production |
| what is income method? | summs of all incomes of household form of wages ,salaries,profits,rents and interest. |
| how is output method measured?? | by adding market value of newly produce good and services EXCLUDES the intermediate goods. |
| how expenditure method is measure? | adding total expenditure of final goods and services produces |
| how is income approach measured? | *Compensation of Employees *Proprietor’s income *Rental income *Net Interest *Corporate Profits |
| what are the components of GDP in expenditure method? | *{C}>>CONSUMPTION *{I}>>INVESTMENT *{G}>>GOVERNMENT EXPENDITURE *{Xn}>NET EXPORT)/( EXPORT-IMPORT) |
| term capital as used in macroeconomics refers to? | plant,equipmen,building,and inventories of raw material n semi finished goods |
| compensation of employees refers to? | PAYMENT FOR LABOUR SERVICES Examples:WAGES/SALARIES/WORKERS BENEFITS N OTHER WAGE/ SALLY SUPPLEMENT IF APPLICABLE. |
| what is Proprietor’s income? | the incomes from the incoperated business such FARMERS,PARTNERSHIP,PROFESSIONAL,COPOPERATIVES |
| explain what is rental income? | income received by individuals for the use of their nonmonetary assets like house,car,land,offices |
| what is Net interest? | interest households receive on loans minus theinterest households pay on their borrowing includes bank deposit, interest earned on loans to firms |
| what is corporate profits? | *coperate income tax *dividens *undistrubuted corperate profits |
| Pesonal income? | all income received by individuals |
| disposal income? | personal income thats is available to spend,save,or to pay personal income tax |
| define GNP? | market value of goods n services produce by national whether its in the country or abroad |
| definE GDP Deflator? | Measures changes in the average level of prices of all goods and services that make up the GDP |
| what is CPI? | Measures changes in the average level of prices of some fixed basket of consumer goods and purchased by typical households |
Created by:
llpo
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