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Economics

Income Approach to Calculating GDP (weight 25% of the assignment grade)

Complete the following exercise:

Find the information on GDP in billions of current dollars for the past four quarters (in GDP and the National Income and Product Account (NIPA) Create the table that contains the following information quarterly:

Gross domestic product

Gross national product

Net national product

National income

Personal income

Write a report in your own words (1 page, double-spaced), which contains the analysis of the results you received. In this report consider, but do not be limited to the following:

1. What is the difference between gross domestic product (GDP) and gross national product (GNP)?

2. Based on the table, what calculations must you make to determine GNP from GDP?

3. What is national income (NI)?

4. Which was higher in this year, GNP or NI? By how much?

5. What calculations must you make to determine NI from GNP?

6. What was the main component of NI?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9472487

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