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- One day, Barry the Barber, Inc., collects $400 forhaircuts. Over this day, his equipment depreciates invalue by $50. Of the remaining $350, Barry sends $30to the government in sales taxes, takes home $220 inwages, and retains $100 in his business to add newequipment in the future. From the $220 that Barrytakes home, he pays $70 in income taxes. Based onthis information, compute Barry’s contribution to thefollowing measures of income.a. gross domestic productb. net national productc. national incomed. personal incomee. disposable personal incomeThe four categories of income in the economy are: wages, rent, interest, profit O consumption, investment, government spending, net cxports O consumption, saving, taxcs, government spending O labor, land, capital. tcchnologyThe functional distribution of income shows the distribution of income among and the personal distribution of income shows the distribution of income among O A. firms; households according to age O B. fims and households; individuals O C. factors of production; job type O D. factors of production;, households O E. different types of workers; households according to location
- $20 Proprietor incme Compensaton of Employees Consumpton of Fied Capita Gross Investment Rents interest 300 10 20 Exports mpots Corporate Profts Taxes on Produdon and imports Net Foreign Factor Income Satistical Discrepancy Reter to the accompanying data. Al figurs are in billons of dolers. Net domentie product is $395. O$3752. Which of these is NOT a factor in determining dass in America? O A. Education B. Occupation C. Income D. Number of childrenUsing the data in the table, gross domestic product equals O A. $2,150. B. $1,920. O C. $2,400. O D. $1,940. Corporate profits Net interest Indirect taxes less subsidies Depreciation Compensation of employees Proprietor's income Rental income Personal consumption expenditures Government expenditure on goods and services Net exports of goods and services $200 150 230 250 1,350 150 70 1,400 500 40
- explain how gross product is calculates using the income approacha. Gross domestic product (GDP) is measured using the quantities of goods and services produced. O dollar value of financial transfer payments. O quantities of goods produced, but not services. dollar value of expenditures.Evample 8. Calculate Factor Income to abroad. Particulars in crores (1) GNP at MP 4,500 (ii) Replacement of Fixed Capital (iii) Indirect Taxes (iv) Subsidies (v) Factor Income from abroad 100 300 200 700 (vi) NDP at FC 3,900 Solution:
- Are households primarily buyers or sellers in the goods and services market? In the labor market?B. Calculate the equiibrium level of incomeFor Oman the real and nominal income is calculated respectively at- Select one: O a. Constant price and Current price O b. Current price and Constant Price O c. None of these O d. Current price and Current price O e. Constant price and Constant price