National income accounting

The purchase of goods and services produced by firms, individuals or households is ___.

• Government spending

• Personal consumption

• Investment

• Net exports

Total income received by all economic agents in economy based on goods and services produced in the economy in a certain period of time.

• Personal Income

• Gross National Income

• Gross Domestic Income

• National Income

Total market value of all final goods and services produced WITHIN a country in a given time period.

• Gross National Product

• Gross Domestic Product

• Gross Personal Product

• Net National Product

National income figures which has been adjusted by adding in the value of subsidies and deducting the amount of indirect taxes. (+) subsidies, (-) tax

• At market prices

• At factor prices

• At constant prices

• At current prices

The market value of the net output of final goods and services produced by a nation during a year.

• Nominal National Income

• Real National Income

• Net National Product

• Per Capita Income

The decline in value of capital equipment due to age or wear and tear.

• Declination

• Depreciation

• Value Added

• Real National Income

Money which transferred from one group to another such as welfare payments, pensions and scholarship allowances.

• Disposable Personal Income

• Per Capita Income

• Transfer Payments

• Payments from abroad

National income after allowing for inflation.

• Disposable Income

• Real National Income

• Nominal National Income

• Per Capita Income

The difference between gross national income and gross domestic income is ___.

• net factor income from abroad

• depreciation

• indirect taxes

• subsidies

GNP measured in current prices.

• Real Income

• Nominal GNP

• Real GNP

• Real GDP