Based on this information, complete Raju’s contribution to the following measures of income (a) Gross Domestic Product (b) NNP at market price (c) NNP at factor cost (d) Personal income (e) Personal disposable income. Net National Product at Factor Cost(NNP fc). 5, Tower A, Phase III, DLF Cyber City, Gurgaon 122002, India.

In a single day Raju, the barber, collects Rs 500 from haircuts; over this day, his equipment depreciates in value by Rs 50. ₹ …

The value of Indirect taxes – Subsidies was Rs 150 crores and National Income was Rs 850 crores. The producers spend their money on factors of production. Distinguish between stock and flow. There are numerous concepts in Economics, but here we provide you the solution from Measurement of National Income, which will be useful for the students to score well in the board exams. 5. These aggregates are:-, 1.

11. 8. Gross Domestic Product at Market Price(GDP mp). These insights help as a priceless benefit to students while completing their homework or while studying for their exams. Between net investment and capital which is a stock and which is a flow? Your email address will not be published. NDPmp is the net market value of all final goods and services produced within a given period of time by factors of production located within the country. National Income It is defined as the sum total of factor incomes accruing to normal residents of a country with a given period of time, generally a financial year.

Write down the relation between change in inventories and value added of a firm. There are no interest payments made by the households to the firms/government, or by the firms/government to the households. From the following data about a firm ‘X’ for the year 2000-01, calculate the net value added at a market price during the year. The value of GNP of that country during the same year, evaluated at the prices of same base year, was Rs. Net Domestic Product at factor Cost (NDP fc). 10. 9. All Right Reserved. Gross Domestic Product at Factor Cost (GDP fc), 3. The Personal Disposable Income of the households is Rs 1,200 crores.

8. It is also known as Domestic Product. Compare net investment and capital with flow of water into a tank. Calculate the value of the GNP deflator of the year in percentage terms. What is the value of transfer payments made by the government and firms to the households?

View NCERT Solutions of Introductory Macroeconomics Class 12th, CBSE Previous Year Question Paper for Class 10, CBSE Previous Year Question Paper for Class 12.

Write down some of the limitations of using GDP as an index of welfare of a country.

However, it does not take into account those …

NCERT Solutions class 12 Economics National income accounting 12. GNPmp is the gross market value of all final goods and services produced within a given period of time by factors of production owned by a country’s citizen, regardless of where the output is produced.

Private Income = Net Domestic Product + NFIA + Transfer payment + Interest received = 8000 + 200 + 300 + 1500 =10000 crores. 12. Product in GDP mp means that only final goods and services have to be included. 2. NNPfc is net money value of all the final goods and services produced within a given period of time by factors of production owned by a country’s citizen, regardless of where the output is produced. Required fields are marked *, Sandeep Garg Textbook Solutions Class 12 Macroeconomics.

NDPfc = GDPmp – Depreciation- Net Indirect taxes(NIT), Net Domestic Product at Market Price(NDPmp). GDPmp is the gross market value of all final goods and services produced in a given period of time by factors of production located within the country. 1. 4. Studyrankers is a free educational platform for cbse k-12 students. Net National Product at Factor Cost(NNP fc) or National Income. Stock refers to the amount of assets at a point of time. The excess of private investment over saving of a country in a particular year was Rs 2,000 crores. Ans: Personal disposable income = Personal income – Personal tax – miscellaneous receipts of government 1200 = Personal Income – 600 – 0 Personal Income = 1800 Crore Private Income = Personal income + retained earnings + corporate tax = 1800 + 200 + 0 = 2000 Crore Private income = NNPFC (National income) – NDPFC of government sector + Value of transfer payment 2000 … Gross National Product at Factor Cost(GNPfc). Your email address will not be published. Copyright 2020 @ Extraclass Edtech Private Limited . Ans: Limitations of using GDP as an indicator are as follows: (i) Non-monetary exchanges: GDP measures the goods and services produced in an economy during a particular period of time.

Capital is the amount of investment for the process of production.

Write down the three identities of calculating the GDP of a country by the three methods. = Sales + (Closing stock- Opening stock) – Intermediate consumption – Depreciation, From the following data about a firm ‘X’ calculate gross value added at factor cost by it, = Sales + (Closing stock – Opening stock) – Purchase of intermediate products + subsidy, Calculate intermediate consumption from the following data, = Value of output – Net value added at factor cost – Depreciation – (GST-Subsidy), Calculate the value of output from the following data, = Net value added at factor cost + Intermediate consumption + Depreciation + (GST – Subsidy), Explore link: Basic Concepts of Macroeconomics Solutions, Give three differences between National income at Current price Vs National income at Constant price, Name the three methods of national income. 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National Income and Related Aggregates – CBSE Notes for Class 12 Macro Economics Introduction: This is a numerical based chapter to calculate national income by different methods (Income, expenditure and value added method, their steps and precautions). So, there is no difference between expenditure by the households and factor payments by the producers. Gross Domestic Product at Market Price (GDP mp), 2.

Flows refers to the total value of transaction during an accounting year. The personal income taxes paid by them is Rs 600 crores and the value of retained earnings of the firms and government is valued at Rs 200 crores.

30.Giving reason, explain how are the following treated in estimating National Income … There are many differences between net investment and capital.

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Gross Domestic Product at factor Cost(GDPfc) GDPfc is gross money value of all the final goods … 3,000 crores. What was the volume of trade deficit of that country? Net investment is the amount invested by any company for purchase of fixed assets. Personal Disposal Income = Personal income − Direct tax − Interest paid = 8500 - 500 - 1200 = 6800 crores. Net Factor Income from Abroad was Rs 100 crores. NNPmp is the net market value of all goods and services produced within a given period of time by a factor of production owned by a country’s citizen, regardless of where the output is produced.



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