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What is Gross Domestic Product?

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Q1. Gross domestic product is the measure of all overall economic activities by final expenditure. According to the bureau of economic analysis of United States, real GDP for the year 2009, which is the output of services and goods produced by property and labor in that year, was estimated to be $12,703.1 billion. This is a decrease of almost $458 billion, which is equal to 3.5 percent from the previous real gross domestic product of 2008. This decrease in real GDP was as a result of a downward revision to the personal consumption expenditure, nonresidential fixed investment, and inventory investment with an upward revision in imports.

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Q2. GNP for 2009 is estimated to be $14091.2 billion. The difference between GDP and GNP is that GNP is a constituent of GDP whereby GNP is equal to GDP minus net income payments to the rest of the world. This year’s GNP is a revised down of 2008 GNP which had an estimate of $14460.7 billion equal to 2.5 percent. This decrease in GNP is as a result of a decrease in the income received from the rest of the world and increase in the income payment to the rest of the world.

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Q3. National income is the total sum of all the net income earned in production. It is sometimes known as net national income, which is equal to the sum of total compensation to employees, imports less subsidies. Tax on production and net operating surplus subtract the net income paid to the rest of the world. The difference existing between national income and the gross national product is that NI is equal to GNP minus consumption of fixed capital and statistical discrepancy. The national income for the year 2008 was estimated to be $ 12,609.1 dollars, which is equal to a revised up, by $51.3 billion, which is equal to 0.4 %. During this year, the difference in the national income and the gross national product is $1851.6 billion.

Q4. Disposable income for the year 2009 has an estimated to be $10,788.8 billion. This comprises of personal income, Compensation of employees, Supplements to wages and salaries, Proprietors’ income with inventory valuation and capital, Rental income of persons with capital consumption adjustment. Disposable income for the year 2008 is estimated to be $11,024.5 billion, which about 2.13 percent revised down. This is as a result in the decrease in the personal income receipts on assets and an increase in the contribution for government social insurance.

Q5. The GDP for the year 2008, which is sometimes called GSP, is estimated to be $14291.5 billion.

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