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- What is the procedure for calculating net income?Define the following terms showing how they are calculated: Gross Domestic Product Gross Domestic Income Operating Surplus/mixed-income Disposable Income Gross Gross and net savingsThe value of net factor income from abroad is $900 million and the value of national income is $5000 million Calculate the value of NDPFC
- What is meant by domestic incomeWhat is the formula of Income Approach, one of the methods of Gross Domestic Product and how is it calculated?Income aproach Table 2 Items RM (Millions) Wages and salary 1,050 Rent 850 Interest 880 Distributed Profit 1,300 Proprietor’s income 750 Depreciation 200 Undistributed profit 200 Transfer payment 75 Social security contribution 90 Personal Income Tax 110 Net factor income earned from abroad 89 Based on the above data, calculate: Gross Domestic Income Gross National Income National Income
- Question 6 What must be added to the domestic factor income to avail national income?16 - Which of the following is the production value of a Turkish artisan who produces bread in Karabük? a) GDP B) net national income C) GDP D) GDP vs. GNP TO) Added Value(b) Lori is a student who teaches golf on the weekend and in a year earns $20,000 after paying her taxes. At the beginning of 2010, Lori owned $1,000 worth of books, CDs, and golf clubs and she had $5,000 in a savings account at the bank. During 2010, the interest on her savings account was $300 and she spent a total of $15,300 on consumption goods and services. There was no change in the market values of her books, CDs, and golf clubs. (i) How much did Lori save in 2010? (ii) What was her wealth at the end of 2010?
- 12. A company finds that the rate at whichIf net factor income from abroad is $900 million and the value of national income is $6000 million Calculate NDPFCThe expenses and income of an individual are given in table form to the right. Find the net monthly cash flow (it may be negative or positive). Assume that amounts shown for salaries and wages are after taxes and that 1 month=4 weeks. Income Expenses Part-time job: $1300/month Rent: $550/month Student loans: $6000/year Groceries: $60/week Scholarship: $8500/year Tuition and fees: $7500/year Health insurance: $55/month Entertainment: $300/month Phone: $45/month
