Given the data, calculate GDP, GNP, NDP, NI, PI, and disposable, personal income and limitation of National income accounting.
1. Briefly explain accounting describe two limitations of national income
2. You've been given the following data:
| Net non-business interest income |
27 |
| Government purchases |
600 |
| Corporate retained earnings |
33 |
| Gross private investment |
500 |
| Depreciation |
10 |
| Net exports |
-50 |
| Personal consumption |
2,500 |
| Transfer payments from government |
10 |
| Foreign factor income earned domestically |
320 |
| Personal taxes |
62 |
| Social security taxes |
17 |
| Income from foreign domestic factor sources |
300 |
| Indirect taxes |
45 |
On the basis of these data calculate GDP, GNP, NDP, NI, PI, and disposable personal income.