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What does personal income measure? a. GDP minus depreciation b. the income earned by owners of factors of production used in making final goods and services c. aggregate income minus the statistical discrepancy d. the total amount of income received by households before taxes 

          What does personal income measure?
a. GDP minus depreciation
b. the income earned by owners of factors of production used in making final goods and services
c. aggregate income minus the statistical discrepancy
d. the total amount of income received by households before taxes
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What does personal income measure? a. GDP minus depreciation b. the income earned by owners of factors of production used in making final goods and services c. aggregate income minus the statistical discrepancy d. the total amount of income received by households before taxes

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Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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What does personal income measure? a. GDP minus depreciation b. the income earned by owners of factors of production used in making final goods and services c. aggregate income minus the statistical discrepancy d. the total amount of income received by households before taxes What does personal income measure? Oa.GDP minus depreciation O b.the income earned by owners of factors of production used in making final goods and services Oc.aggregate income minus the statistical discrepancy O d.the total amount of income received by households before taxes T ion
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Transcript

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00:01 At gross domestic product and we want to look at the possible, the most likely answer to the options that are given.
00:12 All right.
00:12 So the most important thing is to be able to define what it is before we can select from the questions.
00:19 So we understand that it is the total value.
00:23 Okay.
00:23 So we're going to just list here the total value.
00:26 Secondly, of all final goods and services.
00:30 So the word final goods.
00:31 Has to feature in the definition of gdp and it's actually final goods and services.
00:40 Now the next part that is important is within the boundaries of a country.
00:49 So it's total value of final goods and services produced within the boundaries of a country, within the boundaries of a country.
01:05 Okay, so obviously the other implication is that irrespective of the nationality of the producer, as long as production has taken place within the boundaries, then it falls under the definition of gdp, but it has to be within a specific period.
01:21 So in a particular period, usually a year, usually a year.
01:31 So that's basically what gdp is...
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