Answer to Question #269443 in Macroeconomics for yuyu

Question

Jacky has obtained some information related to national income accounts from published reports. However, Jacky was confused by the massive information obtained and had encountered difficulties in answering his tutorial questions. To assist Jacky, calculate the following economic indicators by demonstrating clearly the formulas and steps

Population

per capita GDP (market price)

GDP deflator

Factor income from abroad

Transfer payment to individuals

Interest payment to individuals

Contribution to EPF

Contribution to SOSCO

Corporate profit taxes

Personal income tax

Indirect taxes

Corporate dividend payment

Net exports of goods and service

Net factor payment to abroad

Undistributed corporate profits

Public final consumption expenditure

Private final consumption expenditure

Public gross fixed capital formation

Private gross fixed capital formation

A) Changes in inventories?

B) GDP (market price)

C) National income

D) Personal income

Answer 1

A) Changes in inventories:

Changes in inventories (or stocks) are defined as the difference between additions to and withdrawals from inventories.

Changes of inventories can be calculated by substracting total of opening from closing inventories.

GDP (market price)- The difference between prices of current year and the base year.

National income (NI) - The value of services and goods produced by a country within a financial year.

$National\ Income\\ = C (household\ consumption) + G (government\ expenditure) + I (investment\ expense) + NX (net\ exports).$

Personal income (PI)- is the amount of money collectively received by the inhabitants of a country

PI = NI + income received but not earned - income earned but not received.

Kindly, provide numerical values to complete the question