Economics Study Set 4
Quiz 19: GDP: Measuring Total Production and Income
Refer to Table 19-16
Refer to Table 19-16.The table above represents hypothetical data from the National Income Accounts for 2011.Use the data to calculate personal income and disposable income.
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Transfer payments are subtracted from national income to get to personal income.
For developed countries like the United States,GDP will always exceed GNP.
What are the differences between national income,personal income,and disposable personal income?
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