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प्रश्न
Given normal income, how can we find real income? Explain.
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उत्तर
Real income can be calculated by applying the following formula:
Real Income = `"Nominal Income"/"Price Index of Current Year" xx "Price Index of Base Year" `
Consider Price Index of base year as 100
When nominal income is given, we can convert into real income with the of GDP deflator
Real income = `"Nominal Income"/"GDP deflator" xx 100`
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संबंधित प्रश्न
From the following data, calculate Personal Income and Personal Disposable Income.
| Rs (crore) | ||
| (a) | Net Domestic Product at factor cost | 8,000 |
| (b) | Net Factor Income from abroad | 200 |
| (c) | Undisbursed Profit | 1,000 |
| (d) | Corporate Tax | 500 |
| (e) | Interest Received by Households | 1,500 |
| (f) | Interest Paid by Households | 1,200 |
| (g) | Transfer Income | 300 |
| (h) | Personal Tax | 500 |
Identify the correctly matched pair of items in Column A to those in Column B:
| Column A | Column B |
| 1. Income Tax | (a) Forced Transfer |
| 2. Services of Housewives | (b) Market Activities |
| 3. Retirement Pension | (c) Taxable for Firm |
| 4. Annual value of goods and services produced. | (d) Income method |
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