Основы экономики. Земскова Л.П. - 12 стр.

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12
KEY TERMS
Gross national product (GNP)
National income (NI)
Value added
Imputed rent
Gross domestic product (GDP)
Per capita GNP
Depreciation
Net national product (NNP)
Personal disposable income
Personal saving
Personal saving rate
Net exports
GNP deflator
Net economic welfare (NEW)
PROBLEMS
1. Suppose GDP is $5000 billion. Domestic residents receive factor payments
from abroad equal to $150 billion. Foreigners receive factor payments from
the United States equal to $90 billion. What is GNP?
2. Explain why the following nonmarket activities should or should not appear
in a comprehensive measure of GNP: (a) Time spent by students in class. (b)
The income of muggers. (c) Time spent by boxing match spectators. (d) The
wages paid by the city to traffic wardens who issue tickets.
LECTURE 5. THE DETERMINATION OF
THE NATIONAL INCOME
1. The demand for goods comes from consumption demand by households,
investment demand by firms, and the demands of the government and
foreigners.
2. The consumption function shows the desired level of consumer spending at
each level of income. Consumption demand is determined in large part by
households’ income. The data show a strong though not perfect relationship
between consumption and personal disposable income.
3. The marginal propensity to consume (MPC) is the fraction of a dollar by
which consumption rises when income goes up a dollar. Leaving aside
personal interest payments to firms, any part of income that is not consumed
is saved. The marginal propensity to save (MPS) is the fraction of an extra
dollar of income that is saved. The MPC and the MPS sum to 1, since income
is either consumed or saved.

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