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Problems relating to national income estimation:
Changing prices of goods and services. Prices of goods and services do change from one period to another. This makes comparison of national income estimates from year to year difficult because the yearly estimates are in current prices of the various years (nominal terms)Multiple or double counting: This is the problem of intermediate goods, intermediate expenditure and transfer payments. There is the likelihood of valuing, for example, both the corn and kenkey, counting expenditure on shoes as well as the leather that was used in making them and counting incomes earned not for productive activities (transfer payments)Marketability of goods:- Since national income is the money value of goods and services produced in a given period, the problem arises in connection with goods and services that are not exchanged through the market.Depreciation: - when capital is used in production, it wears and tears. To account for this, capital allowance must be deducted from the GNP to arrive at the NNP. A problem arises of accurately estimating depreciation. If care is not taken, national income will be overestimated or underestimated.
Inadequate statistical data: - one basic problem of estimating national income is the lack of statistical data. Individuals, as well as the businessmen, do not keep proper records of incomes, output, expenditure, etc.
A potential investment project has the following stream of annual social (benefits minus costs), where you may assume the project starts with the capital payment of $12,000 on Day
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what is supply and demand
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aid of production possibilty curve
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Which of the following is evidence of market power? a. Output is fixed despite cost changes b. Optimal Output is less than industry output c. Output changes as cost changes
International economic relations also depend, in large calculate, on monetary =issues. You are unlikely to accept the Turkish Lire in payment for your wages in this country, easil
Meaning of absolute cost difference and comparative cost difference.
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