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Table 1.7.5. Relation of Gross Domestic Product, Gross National Product, Net National Product, National Income, and Personal Income
Line 2015 2016
III IV I II
1 Gross domestic product (GDP) 18141.9 18222.8 18281.6 18436.5
4 Gross national product 18332.5 18434.1 18454.2 18632.5
14 Net national product 15488.4 15571.4 15580.6 15732.4
16 National income 15724.4 15836.2 15844.9 15956.6
25 Personal income 15556.1 15690.2 15740.1 15900

Part 2: Income Approach to Calculating GDP

What is the difference between GDP and GNP? What is the difference in what the GDP measures compared to GNP?

Based on the table, what calculations must you make to determine GNP from GDP?

What is national income (NI)? What does NI measure?

Which was higher in this year, GNP or NI? By how much?

What calculations must you make to determine NI from GNP?

NI is composed of a number of categories. What category makes up the largest portion of NI?

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Paramjeet Chawla
Paramjeet ChawlaLv8
28 Sep 2019

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Related questions

the information found on the official government website: www.bea.gov/index.htm

Based on the information contained on the Web site above, answer the following questions:

What does gross domestic product (GDP) tell us? How did GDP change from 2008? What caused these changes? What is real GDP? What was real GDP in 2008 and has it changed since 2008?

What was national income (NI) for 2008? What does national income tell us? What is the difference between GDP and NI? How has NI changed since 2008? What caused these changes?

What was disposable income (DI) for 2009? What does disposable income consist of? How did DI change from 2008? What caused these changes?

Does GDP measure the well-being of society? Why or why not?

What was GDP in 2008 (sometimes called GSP) for your state? How does your state rate when compared to other states?

Prepare a 4-6 page analysis by answering the questions below. Be sure to cite your references using APA format.

For this assignment, you should use the information on the official government website: www.bea.gov/index.htm

Based on the information contained in the textbook and on the Web site above, answer the following questions:

1-) What does gross domestic product (GDP) tell us? How did GDP change from 2008? What caused these changes? What is real GDP? What was real GDP in 2008 and has it changed since 2008?

2-) What was national income (NI) for 2008? What does national income tell us? What is the difference between GDP and NI? How has NI changed since 2008? What caused these changes?

3-) What was disposable income (DI) for 2009? What does disposable income consist of? How did DI change from 2008? What caused these changes?

4-) Does GDP measure the well-being of society? Why or why not?

5-) What was GDP in 2008 (sometimes called GSP) for your state? How does your state rate when compared to other states?

Calculate the missing data.

Calculate missing data from the table.

Income/Expenditure Flows

Amount (in billions)

Consumption expenditure

$7

Government expenditure

$5

Depreciation

$3

Net taxes

$2

Investment

$4

Net exports

$1

Expenditures

Income

GDP

Calculate the following.

Using the data from a partial set of national income and expenditure data, address the following:

Calculate gross domestic product (GDP) using the expenditure approach.

Determine net domestic product, gross national product (GNP), and statistical discrepancy.

Item

Amount in 2010 (in billions)

Government expenditure (G) =

$8

Consumption expenditure (C) =

$20

Investment (I) =

$5

Net exports (NX) =

$1.5

GDP (expenditure approach)=

Total wages =

$21

Net operating surplus =

$11

Net domestic product =

Indirect taxes minus subsidies =

$3.5

Capital consumption =

$2

GDP (income approach)=

Statistical discrepancy =

Net factor income from abroad =

$5.5

GNP =

Consider the tables.

Given production and price data below, address the following:

Calculate an economy's nominal GDP and real GDP.

In 2000:

Item

Quantity (millions)

Price ($/unit)

Expenditure

(millions of $)

Socks

15

5

75

SIM cards

20

2

40

Defense Budget

9

5

45

Real/Nominal GDP = 160

In 2003:

Item

Quantity (millions)

Price ($/unit)

Expenditure

(millions of $)

Socks

15

5

75

SIM cards

20

5

100

Defense Budget

20

10

200

Nominal GDP =

2003 Quantities valued at 2000 prices:

Item

Quantity (millions)

Price ($/unit)

Expenditure

(millions of $)

Socks

SIM cards

Defense Budget

Real GDP =

Answer the following questions.

How do you measure GDP?

How do you measure real and nominal GDP?

How do you determine Consumer Price Index and what are its limitations?

Which of the following expenditures will be included in GDP which will be excluded from the calculation? Explain your answers.

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