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National income equals GNP -less depreciation, less net unilateral transfers. -less depreciation or net unilateral transfers....

Question

National income equals GNP -less depreciation, less net unilateral transfers. -less depreciation or net unilateral transfers....
National income equals GNP

-less depreciation, less net unilateral transfers.

-less depreciation or net unilateral transfers.

-plus depreciation, less net unilateral transfers.

- plus depreciation, plus net unilateral transfers.

-less depreciation, plus net unilateral transfers.

Answers

Answer:

GNP does not take into account the economic loss due to the tendency of machinery and structures to wear out as they are used. This loss, called depreciation, reduces the income of capital owners. To calculate national income over a given period, we must therefore subtract from GNP the depreciation of capital over the period. Moreover, a country’s income may include gifts from residents of foreign countries, called unilateral transfers. Examples of unilateral transfers of income are pension payments to retired citizens living abroad, reparation payments, and foreign aid such as relief funds donated to drought-stricken nations. Hence, net unilateral transfers are part of a country’s income but are not part of its product, and they must be added to NNP (i.e. NNP=GNP- Depreciation) in calculations of national income. Thus, National Income= GNP- Depreciation+ Net Unilateral Transfers.


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