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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
Explain non-monetary exchanges as a limitation of using the gross domestic product as an index of the welfare of a country
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Explain the steps involved in calculating the National income by Income method.
State which one of the following is true.
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 |
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