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Q. What is national income? What are the different methods of measuring national income?
National income is the aggregate money value of the annual flow of final goods and services in the economy during a given period. Paul Studenski writer "National income is both a flow of goods and services and a flow of money income. Then National income represents the aggregate value of final products. Methods to calculate national income are Three methods A) Product method: In this two approaches are, i. Final Product approach: "sum total of market value of all final goods and service produced by all productive units in the domestic economy in an accounting year. ii. Value Added approach: Net value added at factor cost by all the producing units during an accounting year within the domestic territory in summed up. B) Income method: Under this method, National income is calculated by summing up of factor incomes of all the normal residents of a country earned within and outside the country during a period of one year. N.I = compensation of employees + operating surplus + Net factor income from abroad C) Expenditure method: By considering private consumption expenditure, investment expenditure, they calculate GDP Then, GDP = C + I + G + (X - M)
Consider the following game [payoffs are in the form: (Ann, Bob, Carol)]: a) List each player's actions and strategies. b) If Ann "buys" Carol's position in the game (i.
Consider the multiplier model we have studied in class. Assume that the economy is initially in equilibrium and that real income is $180. The marginal propensity to expend is 0.66.
What are the pros and cons of monetization of public debt
Equilibrium in the money market In the IS-LM-model, we have equilibrium in the money market when MD(Y, R) = MS This is the equation
A grocery store manager would like to have an idea concerning the average amount milk the store sells per day. In a sample of 70 days, the average amount number of gallons sold was
Q. What do you mean by Supply of money? Supply of money The supply of money is an exogenous variable in the IS-LM model Money supply is enti
Discretionary fiscal policy will stabilize the economy most when: A.) deficits are incurred during recessions and surpluses during inflations B.) the budget is balanced each year C
What is the difference between Comparative Advantage and Absolute Advantage? Difference between Comparative Advantage and Absolute Advantage: Comparative advantage: it is
Q. Augmented Phillips curve? Remember that Phillips curve, as it was incorporated into the Keynesian model, presumed a stable relationship between wage inflation andunemploymen
Suppose that midterm grades determine your nal course grade putting the Midterm 1 grade on the horizontal axis and the Midterm 2 grade on the vertical axis, draw indifference curve
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