Practice Set on National Income Accounting Given the following data, determine National Income based on the appropriate National Income Accounting approach. All values are in Millions. (20 points each)

1. The National Accounts for the Fiscal Year 2020 in current prices are accounted as follows: Gross Value Added by Agriculture, Fishery and Forestry is P701,660. The Industrial sector w/c consists of Mining and Quarrying P41,086, Manufacturing P612,876, Construction is P105,334, Electricity, gas and water amounted to P56,566. Income incurred by the Service Sector through Transportation is P125,712, Trade is P579,234, Finance and Housing is P203,488, Private Services is P130,966 and Government Services if P165,780. What is the Gross Domestic Product in Market Price? What is the NNP or National Income if there are Indirect Taxes of P76,257, Depreciation of P110,815 and Subsidies of P1,250,000? What is the Gross National Product if there is Net Factor Income from Abroad of P1,256,500? 

2. The National Accounts of the Philippines in Current prices are the following expenditures items: Personal Consumption expenditures is P1,954,209, Government Consumption expenditures is P230,060. The Capital asset Formation are consisting of Fixed Capital of P408,434 with Increase in Stocks of P6,766. Exports is P520,678 while imports are P639,421 with Statistical Discrepancy of P48,900. What is the Expenditure on gross Domestic Product if there is Indirect taxes of P150,000, Subsidies of P784,688 and Depreciation of P242,344? What is the GNP if the Net Factor Income from Abroad is P1,256,500? 

3. The following aggregate Income for the quarter are compensation of employees and Entrepreneurship and property id P1,260,300, General Government Income is P1,050,000, Corporate Income are composed of Corporate Savings of P869,540 and Corporate Tax of P257,160. What will be the National income or NNP at factor Cost considering that there is an indirect Taxes of P490,412, depreciation of P519,424 and Subsidies of P661,224? What is the GNP at Purchaser’s Value for the current year if the Net Factor Income from Abroad is P1,256,500?

Answer rating: 100% (QA)

Solution ANS 1 iGDP Gross Value Adde d 2722702 Miillion 1 PRIMARY SECTOR F ishery and Forestry is P7... View the full answer