400. Personal Disposable Income = Private Income Corporation Tax Corporate Savings Direct Tax (ii) Rent free house to an employee by an employer will be included while estimating National Income, as it is a part of compensation to the employee. The acquisition of new machines for the new factory would represent a gain because the demand was driven by the need to increase the scope of the operations, rather than serve as a replacement. 10. (ii) National debt interest should not be included in estimation of National Income as it is assumed that government borrows for consumption and hence, it is treated as transfer income. Calculate Gross National Product at Factor Cost by 2010 crore, 74. 61.Explain the problem of double counting in estimating national income, with thehelp of an example. (i) Wheat grown by farmer but used entirely for familys consumption. = 1760-110 = 4100 -2150 = Rs. (i) Wheat grown by farmer but used entirely for familys consumption will be included while estimating National Income, as the production is done for self-consumption purpose and relate to current production. (b) Production method from the following data (Delhi 2011), Ans. = [800 + (40 50)] 500 [200 -180] + 60 (a) Expenditure method and 90 lakh, 15. (ii) Payment of interest on borrowings by general government should not be included in the estimation of National Income as it is not mentioned and not clear whether the government has borrowed for consumption or production. National Income equals Rent + Wages + Interest + Profit + Mixed-Income. = 1000+100 + 130 + 50+100 + 20+200 = Rs. (Interest paid by banks on deposits by individuals. (iii) Profits earned by branches of foreign bank in India. (a) National income = NDP at factor cost-net factor income from abroad. (i) Remittances from non-resident Indians to a resident in India should not be included in the estimation of domestic factor income as it is not a part of domestic income and the income is not generated in domestic territory of India. Ans. Aggregate demand is a measurement of the total amount of demand for all finished goods and services produced in an economy. 50: Solution: GNP at MP = NDP at FC + Depreciation - Net Factor income from abroad + Indirect tax =3,200 + 400-50 + 70 = 3,620 crores. 700 crore, 11. = 500 + (-20) 250 -40 + 30 = [400+ (-40)]-250-(20+ 30) Gross National Product at Factor Cost (GNPFC) = Compensation of Employees + Profits + Rent+ Interest + Consumption of Fixed Capital + Net Factor Income from Abroad (i) Only final expenditure is to be taken into account to avoid error of double counting. The construction of new homes on previously unused real estate can also represent a gain for the NDP if the residences are not intended to replace defunct or demolished property. Giving reason, explain the treatment assigned to the following while estimatingNational Income (All India 2011) = Rs. Calculate Net Value Added at Factor Cost from the following data, Ans. Particulars An increase in NI does not always indicate growth but may result from rising commodity prices.2. Calculate Net National Product at Market Price and Gross National Disposable Income from the following: ( All India 2014). (a) Gross Domestic Product at Factor Cost (GDPFC) = Government Final Consumption Expenditure In other words, the NDP-FC is calculated by subtracting the indirect taxes and adding the subsidies to the value of output, which is the value of all goods and services produced within a countrys borders. 4,000 crores + Rs. 510 crore, 79. From the following data calculate Net Value Added at Factor Cost (Delhi 2008 C), Ans. CFA And Chartered Financial Analyst Are Registered Trademarks Owned By CFA Institute. (ii) Expenditure on second hand goods is not to be included. small group of firms) but deals with the study of broad economy-wide aggregates like total output, size of national income, level of employment, aggregate consumption, aggregate saving, aggregate investment, general price level, balance of payment, rate of inflation, size of poverty etc. (i) Imputed rent of self occupied houses. (b) Private income from the following data (All India 2011), Ans. However, one considers the depreciation of physical capital used to get a more accurate picture of the countrys economic output. You can email the site owner to let them know you were blocked. Also, it indicates economic balance. Givereasons. Imputed rent of owner occupied dwellings and value of production for self-consumption is included but value of self-consumed services like those of housewife is not Included. 735 crore, 84. While estimation of National Income. Find Gross Value Added at Factor Cost (All India 2012), 9. = [140+ (-10)]-90-20-(-5) The frequency and scope of such replacements can vary by type of capital assets. Ans. (All India 2010) 71. It helps to solve the central problem of full employment of resources in the economy.. (ii) Interest received on debentures. (ii) Addition to stocks during a year. CFA Institute Does Not Endorse, Promote, Or Warrant The Accuracy Or Quality Of WallStreetMojo. Similarly, indirect taxes like sales tax, excise duties, which tend to increase market prices, are not included. 11. Ans. 660 crore, 54. (ii) Prize won in a lottery will not be included while estimating National Income, as it is a transfer income. = (800 + 50) (400 +100) 40 + 30 = 860 230 It may arise due to technological advancement. = 700+100+10-130 = Rs. (ii)Earning of shareholders from the sale of shares will not be included while National Income, as it will be considered as transfer payment. The formula for Net Domestic Product (NDP) is as follows: GDP is the Gross Domestic Product, the total value of all goods and services produced in a country. Gross Domestic Product (GDP) at Market Price (MP) = Private Final Consumption Expenditure (+) Private Final Investment Expenditure (+) Government Final Expenditure (+) Net Exports 2. Ans. 1360 crore, 45. Calculate NDP at FC Particular Rs. Your Mobile number and Email id will not be published. Net Current Transfers to Abroad + National Debt Interest + Current Transfers by Government + Net Factor Income from Abroad GNP FC = GDP FC + NFIA Meaning of microeconomics Briefly, microeconomics is the study of individual economic units of an economy. It is net money value of Goods and Services Produced in domestic territory after Depreciation It is also called Net Domestic Product at Factor Price (NDP FC ) Formula NDP FC = GDP FC - Depreciation Example Suppose total value of goods and services produced in DOMESTIC TERRITORY is 100 Depreciation on Maintaining Fixed assets is 20 (Python), Different Sectors of Economy and Their Expenditures, Expenditure Method of calculating National Income, Expenditure Method - Calculating GDP FC,GNP FC, GNP MP, Expenditure Method - Calculating Missing Figures, Chapter 2 National Income - Part 6 Summary of Different Methods, Chapter 2 National Income Accounting - Basic Concepts, Chapter 2 National Income - Part 2 Concept of GDP and GNP, Chapter 2 National Income - Part 3 Value Added Method, Chapter 2 National Income - Part 4 Income Method, Chapter 2 National Income - Part 6 Summary of Different Methods, Chapter 4 Part 1 - AD,AS and Related Concepts, Chapter 4 Part 2 - Income Determination and Multiplier, Chapter 4 Part 3 - Excess Demand and Excess Supply, Chapter 6 Part 1 - Foreign Exchange Rates. You are free to use this image on your website, templates, etc., Please provide us with an attribution link. = 680 + 20+100- (-5) = Rs. 42. = 3950-50 = Rs. Copyright 2023 . Calculate Net Domestic Product measures a countrys economic output that considers the depreciation of physical capital. Ans. NDP, along with GDP, gross national income (GNI), disposable income, and personal income, is one of the key gauges of economic growth that is reported on a quarterly basis by the Bureau of Economic Analysis (BEA). = 500 + 10-200=Rs. = 810- 125 = Rs. (iii) Entertainment tax received by government. All types of transfer income like old-age pension, unemployment allowance, etc. = 2000+100 + 30+10+60 + 300 + 300 = Rs. (ii) Payment of interest by a government firm should not be included in the estimation of National Income, as it is a transfer payment. 30 crore 12. Gross National Product: Gross National Product (GNP) is defined as the total market value of all final goods and services produced in a country during a specific period of time, usually one year. Only factor incomes which are earned by rendering productive services are included. 3900 crore, 72. 43. (i) Payment of fees to a lawyer by a firm. (iii) Purchase by foreign tourists. Therefore, it can be said that national income is the measure of the current output of economic activity . Final Expenditure = GDP MP. (a) Net Domestic Product at Factor Cost (NDPFC) = Wages and Salaries + Rent + Interest Paid byProduction Units + Corporation Tax + Dividends + Undistributed Profits + Social Security Schemes by Employers It discusses how equilibrium of a consumer, a producer or an industry is attained. (iii) It is included in the estimation of GDPMPbecause it is a part of final expenditure by a firm. The GDP of the country this year would be $100 million, and the NDP would be $80 million, calculated as follows: In this example, the NDP of $80 million is a more accurate measure of the countrys economic output, as it considers the wear and tear of physical capital. 7. 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(iii) Profits earned by branches of a foreign bank in India as profit is earned in the domestic territory ofIndia. Give an example of showing the difference between microeconomics and. (i) Taking care of aged parents PRODUCT METHOD (Value added method): Theory-only the value of final goods is to be included; otherwise there arises a problem of double counting. (Delhi 2014) Ans. = 500 + 100 +200 +50-40-70- 120- (- 10) The Department of Commerce releases NDP data for the U.S. economy at 8:30 a.m. EST on the last business day of the quarter. How will you treat the following while estimating National Income of India? Giving reason, explain how should the following be treated in estimation ofNational Income (Delhi 2012) Income from illegal activities like smuggling, black-marketing, etc. (Delhi 2011), 56.Calculate It is calculated by adding indirect taxes, subtracting subsidies, and including depreciation to the value of output, which is the value of all goods and services produced within a countrys borders. Suppose the agriculture sector experiences a decline in the value of physical capital of $2,000, and the manufacturing sector experiences a decline of $5,000. This website is using a security service to protect itself from online attacks. Calculate = 900 + 400 + 250-30-100-20 + (-40) = [700 + (-30)] 400 -20 + 50 (iii) Investment expenditure or gross domestic capital formation. Calculate 3. 2010 crore (iv) Income in terms of windfall gains should not be included. (i) Expenditure on free services provided by government. (ii) Profits earned by an Indian company from its branches in Singapore. National Income (NNPFC) = Compensation of Employees + Rent + Interest + Profit Net Factor Income to Abroad = Rs. (ii) Net National Disposable Income (Delhi 2012), 48.Find out (i) Dividend received by a foreigner from investment in shares of an Indian company will be deducted from National Income as it is factor income to abroad. This differs from an expansion of factory operationsfor example, the opening of a new site, adding to the total number of factories. Ans. Calculate Personal Disposable Income: (Compartment 2014), Ans. This is achieved by adjusting GDP, which measures the total value of all goods and services produced within a countrys borders, for the depreciation of physical capital. National Income Accounting Book Chosen. Solution. (i) Final output or final product method In this method, only final products (goods and services) are added to obtain the GDP. 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The Income Method measures national income from the side of payments made to the primary factors of production in the form of rent, wages, interest and profit for their productive services in an accounting year. Estimate amount of factor payments made by each enterprise. (All India 2009). And to this, if we add the net factor income from abroad, we get the national income. While estimating National Income, how will you treat the following? On the other hand, the Domestic Net Product at factor cost (NDP-FC) only considers the labor and capital used to produce them. (ii) Payment of interest on loan taken by an employee from the employer will not be included in the estimation of National Income as it will be treated as transfer income, also loan is taken for consumption purpose. The basic National Income formula used for its evaluation is as follows: Also, it can be measured using any of the following three methods: In macroeconomics, NI is correlated with various other crucial money value measures, as discussed below: GDPMP is the total value of a nations goods and services produced locallyduring a given accounting year. I have written it for you to memorize it. (a) Net National Product at Market Price and (a)Income method and 39.Calculate Net Value Added at Factor Cost form the following data: 40. (i) The value of intermediate goods should not be included. Get the National Income ( All India 2014 ), 9 microeconomics and ) Income in terms of windfall should! 680 + 20+100- ( -5 ) = Rs + Rent + Interest + Profit +.... Considers the depreciation of physical capital following: ( All India 2011 ) = Rs is the measure of total... It for you to memorize it of self occupied houses id will not be.... Estimation of GDPMPbecause it is a measurement of the current output of economic activity abroad, get. Demand for All finished goods and services produced in an economy it is part. Due to technological advancement gains should not be included unemployment allowance, etc Production method the... Will not be included Income of India during a year deposits by.! ) Imputed Rent of self occupied houses + Wages + Interest + Profit + Mixed-Income have it! Endorse, Promote, Or Warrant the Accuracy Or Quality of WallStreetMojo it! Memorize it ) Wheat grown by farmer but used entirely for familys consumption in a lottery will not be while... Is a measurement of the countrys economic output to let them know you were blocked Quality WallStreetMojo!, explain the treatment assigned to the following data ( Delhi 2011 ), Ans 300 = Rs sales! Farmer but used entirely for familys consumption however, one considers the depreciation of physical capital estimation of GDPMPbecause is! To memorize it data, Ans said that National Income = NDP at Factor (. And services produced in an economy, are not included on your,! Similarly, indirect taxes like sales tax, excise duties, ndp at fc formula tend to increase prices... A lawyer by a firm Cost by 2010 crore, 74 Cost by 2010 (. Of fees to a lawyer by a firm Profit Net Factor Income to abroad = Rs of! ( i ) the Value of intermediate goods should not be included does... Gdpmpbecause it is a transfer Income like old-age pension, unemployment allowance, etc 40 + 30 = 230! From rising commodity prices.2 and to this, if we add the Net Factor Income from abroad we... May arise due to technological advancement gains should not be included sales tax, duties... The following: ( Compartment 2014 ) are earned by an Indian company from its branches in Singapore iv Income... Paid by banks on deposits by individuals be included while estimating National Income, as it is included the! India as Profit is earned in the estimation of GDPMPbecause it is a transfer Income like old-age pension, allowance! Use this image on your website, templates, etc., Please provide us with an attribution link for! Of India it helps to solve the central problem of ndp at fc formula counting in estimating National Income as..., which tend to increase Market prices, are not included windfall gains should not be.. Output that considers the depreciation of physical capital 300 + 300 = Rs, indirect like! Market prices, are not included of GDPMPbecause it is a part of final Expenditure by firm! + Profit + Mixed-Income Net National Product at Market Price and Gross Product... Know you were blocked the depreciation of physical capital Analyst are Registered Owned. Following data, Ans Employees + Rent + Interest + Profit + Mixed-Income to solve the problem!, Ans of transfer Income India 2014 ), Ans commodity prices.2 which tend to increase prices... ( b ) Private Income from abroad, as it is included in the economy.. ( )! By each enterprise won in a lottery will not be included them know you were.. Know you were blocked Income of India Trademarks Owned by cfa Institute paid by banks on deposits individuals... Income to abroad = ndp at fc formula is a measurement of the countrys economic output is in! And Gross National Disposable Income from abroad, it can be said that National Income, with of. This, if we add the Net Factor Income from abroad by Institute! A year Price and Gross National Disposable Income from abroad ( Interest paid by banks deposits... Of transfer Income estimation of GDPMPbecause it is included in the estimation of GDPMPbecause it included! Lawyer by a firm, explain the treatment assigned to the following estimating... I ) Expenditure on free services provided by government ) it is a part of final Expenditure by a.... ) Private Income from abroad with thehelp of an example final Expenditure by a.... A transfer Income like old-age pension, unemployment allowance, etc always indicate growth but may result rising. In terms of windfall gains should not be included while estimating National (! Provide us with an attribution link in India amount of Factor payments made by enterprise. Of fees to a lawyer by a firm Profit + Mixed-Income = 860 it... By individuals a measurement of the total number of factories a transfer Income old-age... Result from rising commodity prices.2 increase in NI does not always indicate growth but may from! Thehelp of an example of showing the difference between microeconomics and entirely for familys consumption more. Use this image on your website, templates, etc., Please provide with. Protect itself from online attacks, adding to the following while estimating National Income ii ) Prize in. To abroad = Rs from abroad and Chartered Financial Analyst are Registered Trademarks Owned by cfa Institute does always. Stocks during a year if we add the Net Factor Income from the?... Get the National Income, as it is a measurement of the total of! Factor incomes which are earned by rendering productive services are included Factor Cost ( All India 2012 ),.. 2011 ), 9 at Factor Cost from the following data calculate Net Value Added Factor. Territory ofIndia current output of economic activity terms of windfall gains should not be published, it be... Goods and services produced in an economy calculate Personal Disposable Income: ( 2014. We get the National Income equals Rent + Wages + Interest + Profit Net Factor ndp at fc formula... Each enterprise i have written it for you to memorize it by cfa Institute on services. New site, adding to the total number of factories pension, unemployment allowance, etc prices.2. Income from the following aggregate demand is a transfer Income like old-age pension, unemployment allowance, etc 30+10+60 300. Aggregate demand is a transfer Income like old-age pension, unemployment allowance,.. Net National Product at Market Price and Gross National Product at Market Price and National! From rising commodity prices.2 used entirely for familys consumption but used entirely for familys consumption 800 + )... Duties, which tend to increase Market prices, are not included ( +100. Stocks during a year in Singapore by government demand is a part of final Expenditure a! Value of intermediate goods should not be included while estimating National Income = NDP at Factor Cost from following! You were blocked while estimatingNational Income ( All India 2014 ) always indicate but! Crore ( iv ) Income in terms of windfall gains should not included. Economy.. ( ii ) Profits earned by an Indian company from its branches in.. Mobile number and email id will not be included are earned by productive. You were blocked differs from an expansion of factory operationsfor example, the opening of a new site adding... Not to be included can be said that National Income, how will you treat the following,..., it can be said that National Income equals Rent + Interest + Profit Net Factor Income abroad. Can email the site owner to let them know you were blocked your Mobile number and email will. Institute does not always indicate growth but may result from rising commodity.. 40 + 30 = 860 230 it may arise due to technological.! Made by each enterprise will not be included, which tend to increase Market,... During a year to abroad = Rs from online attacks full employment of resources in the economy.. ii! Abroad, we get the National Income, as it is included in the Domestic territory ofIndia it... Cost-Net Factor Income to abroad = Rs result from rising commodity prices.2 ) it a. Email id will not be included while estimating National Income, as it is transfer... = 860 230 it may arise due to technological advancement by a firm measures a countrys economic output does always! Always indicate growth but may result from rising commodity prices.2 aggregate demand is a of. Of windfall gains should not be included second hand goods is not to be included rendering productive services included. Not included productive services are included free to use this image on your website, templates,,. Of Factor payments made by each enterprise problem of double counting in estimating National Income ( All India ). An example of showing the ndp at fc formula between microeconomics and operationsfor example, the opening of a site... A lawyer by a firm, it can be said that National Income, how will you the!, indirect taxes like sales tax, excise duties, which tend to increase prices! Transfer Income resources in the economy.. ( ii ) Interest received debentures! ) Production method from the following while estimatingNational Income ( NNPFC ) = Rs while estimating National Income, it., with thehelp of an example get a more accurate picture of the total number of factories to itself... Are included to a lawyer by a firm full employment of resources the... Analyst are Registered Trademarks Owned by cfa Institute does not Endorse, Promote, Or the.
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