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Macroeconomics: Theory and Policy by Vanita Agarwal

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3

National Income

After studying this topic, you should be able to understand

  • GNP is a measure of the value of goods and services that the nationals or residents of the country produce regardless of where they are located.
  • GDP is the total value of all the final goods and services produced by all the enterprises within the domestic territory of a country in a particular year.
  • Personal income is the income received by the households and the non-corporate businesses.
  • Disposable personal income is the amount, which is actually available to the households and to the non-corporate businesses after they have fulfilled their tax obligations to the government.
  • GDP is one of the most important macroeconomic variables and one of the best measures to ...

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