Question

I. ​GDP at factor cost​ (6 marks)​

ii.​GNP at factor cost​ (2 marks)

iii.​NNP ​ (2 marks)
iv​Personal Income​ (3 marks)
v​Disposable Income​ (2 marks)

Total consumer expenditure​ 400 000
Government spending​ 148 000
Gross domestic capital formation​ 160 000
Value of physical increases in stock​ 8 000
Export of goods​ 72 000
Import of goods​ 68 520
Subsidies​ 5 560
Taxes on expenditure​ 6 960
Capital consumption​ 22 000
Income from abroad​ 31 600
Income paid abroad​ 29 600
Income tax​ 50 000
Transfer Payments 25 000
Corporation Tax 70 000
​
b. Discuss two uses of the National Income statistics ​ (6 marks)

c. Explain why ‘transfer payments’ are excluded from National Income calculations

Which figures and the invest and indirect tax ?

Answer 1

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