MACROECONOMICS WORKSHEET: NATIONAL INCOME ACCOUNTING

MA C RO EC ON OMI CS WO RK S H EE T

NATIONAL INCOME ACCOUNTING

"A strong economy is the source of national strength."

- Yoshihide Suga

BY ROZILA BINTI HASSAN FARDHILA SYAHIRA BINTI SALMI NORDIN DR. ROSHAMIMI BINTI FAISAL

ROZILA HASSAN

FARDHILA SYAHIRA SALMI NORDIN

DR. ROSHAMIMI FAISAL

PUBLISHER POLITEKNIK SULTAN HAJI AHMAD SHAH SEMAMBU 25350 KUANTAN PAHANG DARUL MAKMUR

Copyright ©2021, by Politeknik Sultan Haji Ahmad Shah eISBN Materials published in this book under the copyright of Politeknik Sultan Haji Ahmad Shah. All rights reserved. No part of this publication may be reproduced or distributed in any form or by means, electronic, mechanical, photocopying, recording, or otherwise or stored in a database or retrieval system without the prior written permission of the publishers.

pg. i

Macroeconomics Worksheet: National Income Accounting

PREFACE

This worksheet is designed as supplementary material for the course of Macroeconomics. It contains important concepts as well as formulas and exercise practice to calculate the national income, and reinforces what was taught in lesson of chapter 2: National Income Accounting. These exercises practice should be carried out at the end of each class lesson to enhance required knowledge and understanding in order to succeed in examination and fulfill the learning objectives. Students are encouraged to use previous concepts and formulas as much as possible for references to answer questions on the sheet.

pg. ii

Macroeconomics Worksheet: National Income Accounting

ACKNOWLEDGEMENT

The completion of this worksheet is not possible without the participation and assistance of so many people whose names may not all be enumerated. Their contributions are sincerely appreciated and gratefully acknowledged. However, we would like to express their deep appreciation and indebtedness particularly to the following: Hamdan Hassan, Mohd Asnawi Abd Wahab and Dr. Mohd Azli Abd. Ghaib for their unconditional support, compassion, and understanding during the preparation of this worksheet. Lastly, we also would like to acknowledge the contributions and support from Commerce Department, Politeknik Sultan Haji Ahmad Shah, Pahang and Politeknik Nilai, Negeri Sembilan.

pg. iii

Macroeconomics Worksheet: National Income Accounting

CONTENTS Preface

ii

Acknowledgement

iii

Chapter 2: National Income Accounting

1

2.1 Definition Of National Income

2

2.2 The Important Concepts In National Income Accounting

3

2.3 Methods In Measuring National Income Accounting

6

2.3.1 Income Approach

6

2.3.2 Product Approach

8

2.3.3 Expenditure Approach

10

2.4 The Importance Of National Income Accounting

12

2.5 Summary

13

2.6 Exercises

16

Answers

56

Bibliography

62

pg. iv

Macroeconomics Worksheet: National Income Accounting

CHAPTER 2: NATIONAL INCOME ACCOUNTING

pg. 1

Macroeconomics Worksheet: National Income Accounting

2.1

DEFINITION OF NATIONAL INCOME

National Income National income refers as the flow of goods and services that can be obtained by a nation for a certain period, usually in a year.

National Income Accounting National income accounting can be refer as the government bookkeeping system that measures the health of an economy, projected growth, economic activity, and development during a certain period of time.

It helps in assessing the performance

The double entry system principle of

of an economy and the flow of

accounting is used to prepare the

money in an economy.

national income accounts.

National Income Accounting Equation The national income equation represents the relationship between national income

and the economy’s expense, along with other attributes, as shown in

the following equation: Where:

Y = C + I + G + (X - M)

Y C I G X M

: : : : : :

National income Consumption Investment Government expenditure Exports Imports

pg. 2

Macroeconomics Worksheet: National Income Accounting

2.2

THE IMPORTANT CONCEPTS IN NATIONAL INCOME ACCOUNTING

The total money value of all final goods and services Gross Domestic

Product (GDP)

produced within a country in a given time period.

The output produced by foreign workers in Malaysia such as by Indonesians or Nepalese will be included in the GDP.

The total market value of all final goods and services produced by the country's residents in a given time period.

Gross National Product (GNP)

The total amount of income earned by citizens of the country, regardless of where they.

Relationship between GDP and GNP Net factor income from abroad will be

Net factor income paid abroad will

included in the calculation of GNP.

be included in the calculation of

GDP. GNP = GDP + net factor income from abroad

GDP = GNP - net factor income from abroad

The market value of the net output of final goods and Net National Product (NNP) or National Income

services produced by a nation during a year.

The sum of GNP after deducts the value of capital consumption or depreciation during the year.

Depreciation or capital consumption is a wear and tear on the economy’s stock of equipment and structures.

pg. 3

Macroeconomics Worksheet: National Income Accounting

The current price in the market through the forces of demand and supply.

The

actual

Market by

Indirect taxes are known

consumers, which includes indirect

as taxes on expenditure,

taxes

sales tax or consumption

and

prices

paid

excludes

subsidies

given to producers.

Factor Cost

Price (MP)

tax.

The actual price receives by the sellers.

The total of all income earned by all factors of production.

(FC)

Factor cost includes subsidies and excludes indirect tax.

The difference between Market Price and Factor Cost

Market Price = Factor Cost (+) Indirect Taxes (-) Subsidies

Factor Cost = Market Price (-) Indirect Taxes (+) Subsidies

Personal Income (PI) Personal income is the income that is actually received by individuals and households in an economy in a year.

Personal income can be spent, used to pay taxes or be saved.

The deductions made from national income are as follows:

Corporate Income Taxes

A portion of corporate profits paid out as corporate income tax before being distributed to shareholders.

Retained Earnings

A portion of corporate profits retained by corporations and distributed to shareholders.

Social Security Contributions (SOCSO)

A certain percentage of the workers’ income as contribution to provident funds or pension funds. This deduction will reduce the amount of income available to the worker.

SOCSO is deducted for the workers who earn less than RM1,500 per month.

Insurance Premium Transfer Payments

A certain percentage of income to pay for insurance.

Social security benefits such as unemployment allowance, old age pensions and other benefits to the public where these benefits are not from any productive work. pg. 4

Macroeconomics Worksheet: National Income Accounting

Personal Income =

National Income (+) Transfer payment (+) Interest in consumer loans (+) Interest in government loans (+) Dividends received by individual (-) Undistributed company profit/retained earning (-) Business tax (-) Company/corporate income taxes (-) Social security contribution (SOCSO) (-) Employee Provident Funds (EPF) (-) Insurance Premium

Disposable Personal Income (DPI)

Personal income remaining after payment of all personal direct taxes or zakat.

Disposable Personal Income =

Personal Income (-) Personal income tax (-) Zakat (Muslim only)

The average income of a country's citizens. Calculated by

Per capita

dividing national income of the country by its total population.

income

Per capita income = National Income Total Population

pg. 5

Macroeconomics Worksheet: National Income Accounting

2.3

METHODS IN MEASURING NATIONAL INCOME ACCOUNTING

There are three methods of measuring national income because national income is capable of being viewed from three dimensions: total output, total income or total expenditure.

1) Income Approach There are three methods:

2) Product Approach2 3) Expenditure Approach

2.3.1 INCOME APPROACH In the income method, the national income is measured by adding up the pretax income generated by the individuals and companies in the economy. It consists of income from wages, rent of buildings and land, interest on capital, profits, etc. in an accounting year. This method shows the national income distribution among different earning groups in the economy.

The national income is calculated by adding all the various types of income paid to firms and households in the form of wages for labour, rent for land, interest for capital and profits to entrepreneurs.

All the figures are in factor cost because only earnings of factor production can be calculated.

The major income components in national income are: 1. Wages and salaries 2. Net interest 3. Rental income 4. Profits pg. 6

Macroeconomics Worksheet: National Income Accounting

SAMPLE CALCULATIONS IN NATIONAL INCOME ACCOUNTING USING THE INCOME METHOD ITEM 1. (+) Income from employment (wages and salaries) 2. (+) Income from rent 3. (+) Private corporate income 4. (+) Income from company profits (+) Dividends @ distributed profit (+) Undistributed profit @ retained earnings (+) Corporate income tax 5. (+) Gross interest (-) Interest on consumer loans (-) Interest on government loans Net interest NNP at factor cost (NNPfc)/ NATIONAL INCOME (+) Transfer payment (+) Interest in consumer loans (+) Interest in government loans (+) Dividends received by individual (-) Social Security Contribution (SOCSO) (-) Employee Provident Funds (-) Retained earnings /Undistributed profit (-) Company/Corporate income taxes (-) Business tax (-) Insurance Premium Personal Income (-) Personal Income Tax Disposable personal income NNP at factor cost (NNPfc)/ NATIONAL INCOME (+) Depreciation/Capital consumption GNP at factor cost (GNPfc) (+) Indirect taxes (-) Subsidies GNP at market price (GNPmp) (-) Factor income received from abroad (+) Factor income paid abroad Net factor income payment from abroad GDP at market price (GDPmp)

XXX XXX XXX XXX

XXX (XXX) (XXX) XXX XXX XXX XXX XXX XXX (XXX) (XXX) (XXX) (XXX) (XXX) (XXX) XXX (XXX) XXX XXX XXX XXX XXX (XXX) XXX (XXX) XXX XXX XXX

pg. 7

Macroeconomics Worksheet: National Income Accounting

2.3.2 PRODUCT APPROACH In the product method, national income is measured by net value of all final goods and services produced by a nation during a year. Also known as the value-added method, the product method is based on the net value added to the product at every stage of production. This method shows the contribution of each sector to the national income, hence demonstrating the importance of different sectors relative to each other.

The national income is calculated by adding the total output of the companies in the economy.

Usually, the economy is divided into different industry.

In Malaysia, there are three sectors contributing to the gross domestic product (GDP).

(1) Primary Sector

Mining and Quarrying, Agriculture, Forestry and Fishing

(2) Secondary Sector

(3) Tertiary Sector

Electricity, Gas and Water, Wholesale and Retail Trade, Finance, Insurance, Real Estate, Business Services, Transport, Storage and Communication, Government Services and other services

Manufacturing and Construction

pg. 8

Macroeconomics Worksheet: National Income Accounting

SAMPLE CALCULATIONS IN NATIONAL INCOME ACCOUNTING USING THE PRODUCT METHOD

ITEMS (+) Agriculture, fishery, livestock and forestry 1. (+) Mining and quarrying 2. (+) Industries 3. (+) Construction 4. (+) Utilities 5. (+) Transportation, storage and communication 6. (+) Trade and commerce, hotels and restaurants 7. (+) Finance, insurance and real estate 8. (+) Government services 9.

10. (+) Other services GDP at market price (GDPmp) 11. (+) Factor income received from abroad 12. (-) Factor income paid abroad Net factor income payment from abroad GNP at market price (GNPmp) 13. (-) Indirect taxes 14. (+) Subsidies GNP at factor cost (GNPfc) 15. (-) Depreciation/Capital Consumption NNP at factor cost (NNPfc)/ NATIONAL INCOME (+) Transfer payment (+) Interest in consumer loans (+) Dividends received by individual (+) Interest in government loans (-) Social Security Contribution (SOCSO) (-) Employee Provident Funds (-) Retained earnings/Undistributed profit (-) Company/Corporate income taxes (-) Business tax (-) Insurance Premium Personal Income (-) Personal Income Tax (-) Zakat Disposable personal income

XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX (XXX) XXX XXX (XXX) XXX XXX XXX XXX XXX XXX XXX XXX (XXX) (XXX) (XXX) (XXX) (XXX) (XXX) XXX (XXX) (XXX) XXX

pg. 9

Macroeconomics Worksheet: National Income Accounting

2.3.3 EXPENDITURE APPROACH In the expenditure method, the national income is measured by adding up the expenditures made by individuals, companies, and the government. Thus, it combines consumer spending, investments made by companies, net exports, and government spending to calculate the national income.

pg. 10

Macroeconomics Worksheet: National Income Accounting

SAMPLE CALCULATIONS IN NATIONAL INCOME ACCOUNTING USING THE EXPENDITURE METHOD

ITEMS (+) Household consumption expenditure ( C ) 1. (+) Private and public investment expenditure (I) 2. (+) Government expenditure (G) 3. (+) Changes in inventory 4. (+) Export of goods and services (X) 5.

(-) Import of goods and services (M) 6.

Net exports ( X – M) GDP at market price (GDPmp) 7. (+) Factor income received from abroad 8.

(-) Factor income paid abroad Net factor income payment from abroad GNP at market price (GNPmp) 9.

(-) Indirect taxes 10. (+) Subsidies GNP at factor cost (GNPfc) 11. (-) Depreciation/Capital Consumption NNP at factor cost (NNPfc)/ NATIONAL INCOME (+) Transfer payment (+) Interest in consumer loans (+) Interest in government loans (+) Dividends received by individual (-) Social Security Contribution (SOCSO) (-) Employee Provident Funds (-) Retained earnings/undistributed profit (-)Company/Corporate income taxes (-) Business tax (-) Insurance Premium Personal Income (-) Personal Income Tax Disposable personal income

XXX XXX XXX XXX XXX (XXX) XXX XXX XXX (XXX) XXX XXX (XXX) XXX XXX XXX XXX XXX XXX XXX XXX (XXX) (XXX) (XXX) (XXX) (XXX) (XXX) XXX (XXX) XXX

pg. 11

Macroeconomics Worksheet: National Income Accounting

2.4

THE IMPORTANCE OF NATIONAL INCOME ACCOUNTING

1. The statistics provided by national income accounting can be used to simplify the procedures and techniques used to measure the aggregate input and output of an economy.

2. The data provided is used to frame government economic policies, and it also helps in recognizing the systemic changes happening in the economy.

4. Central banks can use the national income accounting statistics to vary the rate of interest and set or revise the monetary policy.

3. National income accounting provides information on the trend of economic activity level. Various social and economic phenomena can be explained through the data, which helps the policymakers in framing better economic policies.

5. The data on GDP, investments, and expenditures also helps the government to frame or modify policies regarding infrastructure spending and tax rates.

6. The national income accounting data also shows the contribution of different sectors, relative to each other, towards economic growth.

pg. 12

Macroeconomics Worksheet: National Income Accounting

2.5

SUMMARY Gross Domestic Product (GDP)

National Income Accounting A set of rules and definitions for measuring aggregate economic activity.

The technique used to measure the overall production of the economy and other related variables for the country as a whole.

Measures the total market value of final goods and services produced in an economy in a one year period within a geographic boundary.

Regardless of the individual or firm’s nationality.

Gross Nationality Product (GNP)

Net Factor Income from Abroad

Measures the total market value of final goods and services produced of citizens and firms of a country in a one-year period.

Includes only value of production for citizens and domestic firms generated outside of the country.

The difference between the two measures corresponds to the net income earned by foreigners.

Net Factor Income from Abroad; national factor income earned working in a foreign country less/minus foreign factor income earned working within a country.

National Income

Personal Income

The sum total of all factor income earned by residents of a country; in the form of wages, rent, interest and profit in an accounting year.

The market value of all the goods and services produced in a country, in a particular period of time.

The total the income actually received by persons from all sources in the form of current transfer payments and factor income.

Disposable Personal Income The income remaining with individuals after deduction of all taxes levied against their income and their property by the government.

Per Capita Income

Real Income

Derived from dividing national income from the total population of the country.

The national income expressed in terms of a general level of prices of a particular year, considered as the base year.

Market Price vs. Factor Cost Market Price (MP) The actual market prices paid by consumers; includes indirect taxes.

(+) Subsidies (-) Indirect Taxes

(+) Indirect Taxes (-) Subsidies

Factor Cost (FC) The real price that is earned by sellers; includes subsidies.

pg. 13

Macroeconomics Worksheet: National Income Accounting

Gross Domestic Product vs. Gross National Product

Gross Domestic Product

(+) Net Factor Income Received From Abroad (-) Net Factor Income Paid To Abroad

(+) Net Factor Income Paid To Abroad (-) Net Factor Income Received From Abroad

Gross National Product

Gross vs. Net Gross

(-) Depreciation

The differences between gross and net is depreciation (capital consumption).

(+) Depreciation

Net The value of net is derived from gross.

The value of net must be less than gross.

Income Approach

Factor Approach

Focuses on the income households receive for supplying their factor services, example being labour services.

NNPfc or National Income is total income earned by citizens and businesses of a country; combines essentially four factors of production.

Land

Rent

Labour

Wages and Salaries

Capital

Net Interest

Gross interest (-) Interest on government loans (-) Interest on consumer loans

Private corporate income Entrepreneurship

Company Profits

(+) Dividends/Distributed Profit (+) Undistributed Profit/Retained Earnings (+) Corporate Income Tax

Net National Product At Factor Cost (NNPfc)/ National Income

pg. 14

Macroeconomics Worksheet: National Income Accounting

Product Approach

Value Added Approach

The total value of all final goods and services can be found out by adding up the total values of outputs produced at different stages of production.

Used to avoid double-counting or an over-estimation of GDP.

(1) Primary Sector (2) Secondary Sector

(3) Tertiary Sector

Agriculture Forestry Fishing Mining and quarrying Factory Manufacturing Construction Electricity, gas and water Transport, storage and communication Wholesale, retail, hotel and restaurant Finance, insurance and real estate Government services Other services

Gross Domestic Product At Market Price (GDPmp) Expenditure Approach Focuses on the expenditures made by individuals or households for goods and services, the payment of which is made to firms.

GDPmp is made up of the sum total of 4 sectors’ expenditures.

Household consumption/expenditure C

Personal consumption/expenditure Private expenditure

I

G

(X-M)

Investment (+) Change in stock Government expenditure/sending Public expenditure/sending Net export (Export – Import) Gross Domestic Product At Market Price (GDPmp)

pg. 15

Macroeconomics Worksheet: National Income Accounting

2.6

EXERCISES

QUESTION 1 The following table shows the National Income Accounting data for the year 2021.

ITEMS

RM (million)

Government Expenditure

1850

Change In Inventories

270

Import

220

Household Expenditure

1950

Private Investment

870

Subsidies

150

Export

670

Net Factor Income From Abroad

430

Capital consumption

190

Indirect Taxes

240

Based on the above table, calculate: a)

Gross Domestic Product at market price

b)

Gross National Product at market price

c)

Gross National Product at factor cost

d)

Net National Product at factor cost

pg. 16

Macroeconomics Worksheet: National Income Accounting

ANSWER 1:

pg. 17

Macroeconomics Worksheet: National Income Accounting

QUESTION 2 The following table represents the National Income Accounting data for the year 2020.

ITEMS

RM (million)

Private Investment

1370

Government Expenditure

2280

Taxes on Expenditures Depreciation Personal Consumption

140 50 1850

Net Factor Income From Abroad

520

Subsidies

210

Change in stocks

490

Net Exports EPF Contribution

(120) 30

Based on table above, calculate: a)

Gross Domestic Product at market price.

b)

Net National Product at factor cost.

pg. 18

Macroeconomics Worksheet: National Income Accounting

ANSWER 2:

pg. 19

Macroeconomics Worksheet: National Income Accounting

QUESTION 3 The following table shows the National Income Accounting data for year 2021.

ITEMS

RM (million)

Rental

14800

Net Interest

10800

Companies Profit

12550

Interest on Consumer Loan

5500

Net Factor Income From Abroad

6600

Wages and Salary

19800

Private Corporate Profit

11750

Social Security Contribution

7800

Capital Consumption

1650

Personal Income Taxes

3750

Subsidies

4200

Interest on Government Loan

4000

Transfer Payment

7000

Indirect Taxes

3350

Employment Provident Fund

1180

Insurance Premium

1090

Based on the table above, calculate: a)

Net National Product at factor cost

b)

Gross National Product at factor cost

c)

Gross Domestic Product at market price

d)

The value of Personal Income

e)

The value of Disposable Personal Income

pg. 20

Macroeconomics Worksheet: National Income Accounting

ANSWER 3:

pg. 21

Macroeconomics Worksheet: National Income Accounting

QUESTION 4 The table below shows the National Income Account data for year 2022.

ITEMS Finance and insurance

RM (million) 4750

Private expenditure

12850

Rent

12000

Government expenditure Agriculture, forestry and fishing

6000 11400

Mining and quarrying

4000

Communication

3700

Dividends received by individual

1655

Hotel and restaurant

6300

Manufacturing

12500

Profit

23100

Capital consumption

1000

Business taxes

6250

Taxes on expenditure

7500

Net factor income from abroad

3450

Subsidies

2445

Personal income taxes

2150

Social Security Contribution

350

Employee Provident Funds

1790

Transfer payment

7100

Calculate: a)

Gross Domestic Product at market price

b)

Gross National Product at factor cost

c)

Net National Product at factor cost

d)

The value of Personal Income

e)

The value of Disposable Personal Income

pg. 22

Macroeconomics Worksheet: National Income Accounting

ANSWER 4:

pg. 23

Macroeconomics Worksheet: National Income Accounting

QUESTION 5 The following table shows the National Income Accounting data for year 2020.

ITEMS Public expenditure

RM (million) 12500

Consumption expenditure

4800

Net interest

3600

Change in stock

1500

Corporate profit

840

Personal income taxes

1650

Net export

6300

Private investment

10600

Transfer payment

4350

Undistributed profit

4150

Net factor income from abroad

(400)

Depreciation

4950

Dividend

4380

Subsidies

5850

Social Security Contribution

2350

Indirect taxes

3680

By using the Expenditure Approach, calculate: a)

Gross Domestic Product at market price

b)

Gross National Product at market price

c)

Net National Product at market price

d)

Net National Product at factor cost

e)

The value of Personal Income

f)

The value of Disposable Personal Income

pg. 24

Macroeconomics Worksheet: National Income Accounting

ANSWER 5:

pg. 25

Macroeconomics Worksheet: National Income Accounting

QUESTION 6 The following table shows the National Income Accounting data for year 2021.

ITEMS

RM (million)

Banking and insurance services

2470

Agricultural and fishing

1040

Factor income received from abroad

1530

Mining

290

Factor income paid to abroad

600

Social insurance payment

35

Construction

760

Forestry

190

Manufacturing

820

Capital consumption

130

Indirect taxes

290

Subsidies

340

Personal income taxes

280

Transfer payment

420

Employment Provident Funds

110

Other services

300

By using the Product Approach, calculate: a)

Gross Domestic Product at market price

b)

Gross Domestic Product at factor cost

c)

Gross National Product at factor cost

d)

Net National Product at factor cost

e)

The value of Personal Income

f)

The value of Disposable income

pg. 26

Macroeconomics Worksheet: National Income Accounting

ANSWER 6:

pg. 27

Macroeconomics Worksheet: National Income Accounting

QUESTION 7 The following table shows National Income Accounting data for the year 2019.

ITEMS

RM (million)

Wages and salaries

2100

Private investment

7200

Employment Provident Funds

330

Goods and services exported

1600

Private consumption

2120

Change In inventories

1250

Public consumption

5750

Insurance premium

120

Public investment

1500

Net factor income from abroad

1050

Goods and services imported

1570

Personal income taxes

540

Subsidies

2675

Capital consumption

1150

Social Security Contribution

270

Indirect taxes

2550

Transfer payment

4100

Based on the table above, calculate: a)

Gross Domestic Product at market price

b)

Gross National Product at factor cost

c)

The value of National Income

d)

The value of Personal Income

e)

The value of Disposable Personal Income

pg. 28

Macroeconomics Worksheet: National Income Accounting

ANSWER 7:

pg. 29

Macroeconomics Worksheet: National Income Accounting

QUESTION 8 The following table shows National Income Accounting data for year 2022.

ITEMS

RM (million)

Rental

2610

Undistributed profit

1450

Wages and salary

3180

Net Interest

2640

Net factor income from abroad

1310

Distribute profit

3600

Proprietor’s income

2340

Expenditure on capital

630

Social Security Contribution

240

Transfer payment

470

Corporate profit taxes

1780

EPF

250

Personal Income taxes

390

By using the Income Approach, calculate: a)

The value of National Income

b)

The value of Personal Income

c)

The value of Disposable Personal Income

d)

The value of income per capita, if the population of the country is 25 million.

pg. 30

Macroeconomics Worksheet: National Income Accounting

ANSWER 8:

pg. 31

Macroeconomics Worksheet: National Income Accounting

QUESTION 9 The table below shows the National Income Accounting data for the year 2015.

ITEMS

RM (Million)

Government expenditure

12400

Private expenditure

25500

Employment Provident Funds

1070

Undistributed profit

4150

Net interest

6500

Corporate profit

8040

Personal income taxes

1430

Net factor income from abroad

5740

Transfer payment

4000

Gross private domestic investment

13600

Dividend

3540

Changes in stock

1150

Net export

6300

Depreciation

5000

Social security contribution

800

Taxes on expenditures

3680

Subsidies

2700

Based on the table above, calculate: a)

Gross Domestic Product at market price

b)

Gross National Product at market price

c)

Net national Product at factor cost

d)

The value of Personal Income

e)

The value of Disposable Personal Income

pg. 32

Macroeconomics Worksheet: National Income Accounting

ANSWER 9:

pg. 33

Macroeconomics Worksheet: National Income Accounting

QUESTION 10 The table below shows the National Income Accounting data for the year 2021.

ITEMS Accommodation, food and beverages activities Telecommunication

RM (million) 3510 2160

Indirect taxes

1630

Real estate activities

8450

Government services

7590

Employment Provident Funds

2940

Wholesale and retail trade

6330

Other services

2845

Net factor income from abroad

5730

Transportation

4850

Financial and Insurance Capital consumption Manufacturing

10170 1450 13990

SOCSO

2250

Subsidies

1850

Agriculture and Mining

11390

Hotels and traveling

7760

Insurance premium

1710

Construction

12470

Forestry and fishing

5980

Transfer payment

2570

By using the Product Approach, calculate: a)

Gross Domestic Product at market price

b)

Gross National Product at factor cost

c)

Net National Product at factor cost

d)

The value of Personal Income

pg. 34

Macroeconomics Worksheet: National Income Accounting

ANSWER 10:

pg. 35

Macroeconomics Worksheet: National Income Accounting

QUESTION 11 The table below shows the National Income Account data for the year 2020.

ITEMS

RM (Million)

Household consumption

1600

Gross investment

1090

Company profit taxes

875

Private corporate profit

2510

Import

1450

Retained earning

300

Net factor Income from abroad

310

Public expenditure

950

Export

2870

Subsidies

570

Direct personal taxes

450

Depreciation

220

Indirect taxes

290

Transfer payment

570

Change in inventories

375

EPF

245

SOCSO

124

Based on table above, calculate: a)

Gross Domestic Product at market price

b)

Net National Product at factor cost

c)

The value of Personal Income

d)

The value of Disposable Personal Income

e)

The value of income per capita, if the population of the country is 17.8 million.

pg. 36

Macroeconomics Worksheet: National Income Accounting

ANSWER 11:

pg. 37

Macroeconomics Worksheet: National Income Accounting

QUESTION 12 The table below shows the National Income Account data for the year 2020.

ITEMS

RM (Million)

National Income

25300

Corporate Income taxes

3130

Transfer Payment

8600

Individuals’ income taxes

3000

Undistributed profit

4800

Depreciation

1020

Saving

2200

Distribution profit

5400

Contribution to EPF

2700

SOCSO

1500

Based on the table above, calculate: a)

The value of Individual Income

b)

The value of Disposable Personal Income

c)

The value of income per capita, if the population of the country is 18.5 million.

pg. 38

Macroeconomics Worksheet: National Income Accounting

ANSWER 12:

pg. 39

Macroeconomics Worksheet: National Income Accounting

QUESTION 13 The table below shows the National Income Account data for the year 2022.

ITEMS Gross Domestic Product at market price Indirect Taxes Net factors income from abroad

RM (Million) 25300 2300 10500

Corporate profit taxes

3130

Subsidies

1700

Transfer payment

8600

Individuals’ income taxes

3800

Undistributed profit

4750

Capital consumption

1020

Saving

2600

Distribution Profit

5400

Contribution To EPF

2700

SOCSO

1500

By using above national income accounting data, calculate: a)

Net Domestic Product at market price

b)

Net National Product at factor cost

c)

The value of Personal Income

d)

The value of Disposable Personal Income

e)

The value of income per capita, if the population of the country is 17.8 million.

pg. 40

Macroeconomics Worksheet: National Income Accounting

ANSWER 13:

pg. 41

Macroeconomics Worksheet: National Income Accounting

QUESTION 14 The table below shows the National Income Account data for the year 2021.

ITEMS

RM (Million)

Agriculture forestry and fishing

3320

Government services

3840

Mining and quarrying

2600

Transport and warehouse storage

1580

Communication

2260

Corporate Profit

1960

Finance insurance and other services

1920

Manufacturing

5460

Other services

4600

Electricity gas and water

3380

Wholesale and retail trade

2240

Construction

3760

Depreciation

1600

Net factor income from abroad

2650

Taxes on expenditure

2800

Subsidies

3150

Total population

24.5

By using the Output Approach, calculate: a)

Gross Domestic Product at market price

b)

Gross National Product at factor cost

c)

The value of National Income

d)

The value of Per capita income

pg. 42

Macroeconomics Worksheet: National Income Accounting

ANSWER 14:

pg. 43

Macroeconomics Worksheet: National Income Accounting

QUESTION 15 The table below gives the National Income Accounting data for the year 2022.

ITEMS Household consumption

8700

EPF

1390

Government expenditure

12400

Export

5500

Indirect taxes

4750

Retained earning

950

Private investment

7850

SOCSO

870

Change in inventories

380

Net factor income from abroad

2780

Capital consumption

2560

Dividend

a)

RM (Million)

630

Transfer payments

1350

Corporate profit taxes

6570

Import

6500

Personal income taxes

5280

Subsidies

5420

Explain the difference between gross domestic product and gross national product.

b)

Based on table above, you are required to calculate; i.

Gross Domestic Product at market price

ii.

Gross National Product at factor cost

iii.

National Income

iv.

The value of Personal Income

v.

The value of Disposable Personal Income

pg. 44

Macroeconomics Worksheet: National Income Accounting

ANSWER 15:

pg. 45

Macroeconomics Worksheet: National Income Accounting

QUESTION 16 The table below gives the National Income Accounting data for the year 2020.

ITEMS

RM (Million)

Wages and salaries

4500

Gross interest

6500

Dividend

8750

Interest on consumer loans

1050

Rental

7400

Capital consumption

2150

Proprietorship income

5230

Retained earning

3850

Interest on government loans

1400

Corporate taxes

7250

Net factor income from abroad

1700

Taxes on expenditure

2850

Transfer Payment

850

Direct income taxes

3400

Subsidies

3500

Total Population

21.6

Based on table above, you are required to calculate; a)

The value of National Income

b)

The value of Personal Income

c)

The value of Disposable Personal Income

d)

The value of per capita income

pg. 46

Macroeconomics Worksheet: National Income Accounting

ANSWER 16:

pg. 47

Macroeconomics Worksheet: National Income Accounting

QUESTION 17 The table below shows the National Income Accounting for the year 2019.

ITEMS

RM (Million)

Income from self-employment

5580

Agriculture and fisheries

2800

Net interest

6430

Dividend

4820

Wages and salaries

6200

Transfer Payment

2200

Capital consumption

1290

Taxes on companies profit

3780

Net factor income from abroad

- 2360

Interest on government loan

2920

Rental

2420

Taxes on individuals’ income

3850

Undistributed profit

4250

Taxes on expenditure

2050

Interest on consumer loan

2400

Total population

21m

Based on table above, you are required to calculate; a)

Net National Product at factor cost

b)

The value of Personal Income

c)

The value of Disposable Personal Income

d)

The value of per capita income

pg. 48

Macroeconomics Worksheet: National Income Accounting

ANSWER 17:

pg. 49

Macroeconomics Worksheet: National Income Accounting

QUESTION 18 The table below shows the value of economic activities of s country for the year 2020.

ITEMS National Income

RM (Million) 17650

EPF

3680

Transfer Payment

5900

Interest on Government Loan

2950

Corporate tax

6700

Social Security Contribution

2700

Insurance

1520

Retained Earning

8890

Interest on Consumer Loan

3500

Personal Income Tax

1300

Zakat

1140

Total population

12

Based on the above data, calculate; a)

The value of Personal Income

b)

The value of Disposable Personal Income

c)

The value of per capita income

pg. 50

Macroeconomics Worksheet: National Income Accounting

ANSWER 18:

pg. 51

Macroeconomics Worksheet: National Income Accounting

QUESTION 19 The following table shows National Income Accounting data for the year 2021.

ITEMS

RM (million)

Insurance

1095

Financial services

5560

Telecommunication

5327

Government services

5250

Real estate activities

10520

Factor income received from abroad

2252

Electrical, gas and water

3172

Factor income paid to abroad

2160

Insurance premium

1357

Construction

13180

Forestry

6020

Manufacturing

6750

Capital consumption

3575

Indirect taxes

2830

Subsidies

4340

Wholesale and retail trade

1890

Transfer payment

2552

Employment Provident Funds

1250

Other services

3122

By using the Product Approach, calculate: a)

Gross Domestic Product at market price

b)

Gross National Product at factor cost

c)

Net National Product at factor cost

d)

The value of Personal Income

pg. 52

Macroeconomics Worksheet: National Income Accounting

ANSWER 19:

pg. 53

Macroeconomics Worksheet: National Income Accounting

QUESTION 20 The table below shows the value of economic activities of s country for the year 2019.

ITEMS Manufacturing

RM (million) 11580

Wholesale and retail trade

3490

Net factor income from abroad

5030

Financial and Insurance

2870

Capital consumption

2830

Indirect taxes

2110

Other services

3252

Real estate activities

5120

Employment Provident Funds

1550

Hotels, lodging and recreation

2540

Telecommunication

3620

Government services

3770

Subsidies

2970

Mining

1450

Transportation

1360

Energy and water

4590

Insurance premium

1240

Construction

10910

SOCSO

1140

Forestry and fishing

1720

Transfer payment

5030

By using the Output Approach, calculate: a)

Gross Domestic Product at market price

b)

Gross National Product at factor cost

c)

Net National Product at factor cost

d)

The value of Personal Income

pg. 54

Macroeconomics Worksheet: National Income Accounting

ANSWER 20:

pg. 55

Macroeconomics Worksheet: National Income Accounting

ANSWERS Question 3

Question 1 a

Government Expenditure Change in inventories

1850 270

Import

-220

Household Expenditure

1950

Private Investment

870

Export

670

Gross Domestic Product at market price

a

5390

b

Rental

14800

Net Interest

10800

Companies Profit

12550

Wages & Salary

19800

Private Corporate Profit

11750

Net National Income at factor cost

69700

Net National Income at factor cost

69700

Depreciation b

Gross Domestic Product at market price Net Factor Income From Abroad Gross National Product at market price

c

Gross National Product at market price Subsidies

5390 430 5820

c

150

Indirect taxes

-240

Gross National Product at factor cost

5730

d

OR Gross Domestic Product at market price Net Factor Income From Abroad Subsidies Indirect taxes Gross National Product at factor cost

d

Gross National Income at factor cost

71350

Net Factor Income From Abroad

-6600

Subsidies

-4200 63900

Net National Income at factor cost

69700

Social Security Contribution

-7800

Employment Provident Fund Insurance Premium

-1090

150

Personal Income

66630

Personal Income

66630

-240 5730

5730

Capital consumption

-190 5540

e

Personal Income Taxes Disposal Income

Private Investment

1370

Government Expenditure

2280

Personal Consumption

1850

Net Export

a

Finance & Insurance

4000

Communication

3700

Hotel & Restaurant

-120 5870

Gross Domestic Product at market price

5870

Taxes on expenditure

12500

Gross Domestic Product at market price

42650

b

Gross Domestic Product at market price

42650

Net Factor Income from abroad Taxes on expenditure

3450 -7500 2445

Gross National Product at factor cost

41045

Gross National Product at factor cost

41045

520 -140

Subsidies

210

Depreciation

-50

Net National Product at factor cost

6300

Manufacturing

490

Gross Domestic Product at market price

Net Factor Income From Abroad

4750 11400

Mining & Quarrying

Subsidies b

-3750 62880

Question 4

Question 2

Changes in stocks

7000 -1180

430

Agriculture, forestry & Fishing

a

3350

Gross Domestic Income at market price

Transfer payment 5390

Gross National Product at factor cost

Net National Product at factor cost

71350

indirect taxes

5820

1650

Gross National Income at factor cost

c

Capital consumption Net Factor Income from abroad

-1000 40045

6410

pg. 56

Macroeconomics Worksheet: National Income Accounting

Question 4 d

Net Factor Income from abroad

Question 6 40045

Banking and insurance services

2470

Transfer Payment

7100

a

Agricultural and fishing

1040

Social Security Contribution

-350

Mining

290

Employee Provident Funds

-1790

Construction

760

Business taxes

-6250

Forestry

190

Manufacturing

820

Personal Income

38755

Other services e

Personal Income Personal Income Taxes Disposal Income

38755

Public expenditure Consumption expenditure

b

b

5870

Indirect taxes

-290

Subsidies 12500

5920

4800 1500

Gross Domestic Product at market price

5920

10600

Factor income paid to abroad

-600

Net export Gross Domestic Product at market price

6300 35700

Factor income received to abroad

1530

Gross National Product at factor cost

6850

Gross Domestic Product at market price

35700

Gross National Product at factor cost

6850

Gross National Product at market price

Net National Product at market price Subsidies Indirect taxes Net National Product at factor cost

-400

c

d

35300 35300

e

-4950 30350 30350

Capital consumption

-130

Net national Product at factor cost

6720

Net national Product at factor cost

6720

SOCSO

-35

Transfer payment

420

EPF

-110

Personal income

6995

Personal income

6995

5850 -3680 32520

f

Personal income taxes Disposal income

e

Net National Product at factor cost Transfer payment Undistributed profit Dividend Social Security Contribution Personal Income

f

340

Gross Domestic Product at market price

Private investment

Depreciation Net National Product at market price d

Gross Domestic Product at market price

Changes in stock

Net Factor Income From Abroad Gross National Product at market price c

5870

-2150 36605

Question 5 a

300

Gross Domestic Product at market price

-280 6715

32520 4350 -4150

Question 7 a

4380 -2350 34750

Personal Income

34750

Personal Income taxes Disposable Personal Income

-1650 33100

Private investment

7200

Goods and services exported

1600

Private consumption

2120

Change in inventories

1250

Public consumption

5750

Public investment Goods and services imported

b

Gross Domestic Product at market price

17850

Gross Domestic Product at market price

17850

Net factor income from abroad

1050

Subsidies

2675

Indirect taxes

c

1500 -1570

-2550

Gross National Product at factor cost

19025

Gross National Product at factor cost

19025

capital consumption Net National Product at factor cost

-1150 17875

pg. 57

Macroeconomics Worksheet: National Income Accounting

Question 7 d

e

Net National Product at factor cost

Question 9 17875

c

Gross National Product at factor cost

-330

Depreciation

Insurance premium

-120

Net National product at factor cost

47229

Net National product at factor cost

47229

Social Security Contribution

-270

Transfer payment

4100

Personal Income

21255

Personal Income Personal Income taxes Disposable Income

d

Transfer payment

21255 -540

Undistributed profit

-4150

SOCSO Wages and salary

3180

Net interest

2640

40709

Rental

2610

Corporate profit taxes

1780

Distribute profit

3600

Undistributed profit

1450

Net National Product at factor cost Social Security Contribution

240 -1450

Corporate profit taxes

-1780 470

Personal Income

14830

Personal Income taxes Disposable Income

2160 8450 7590

Wholesale and retail trade

6330

Other services

2845 4850

Financial and insurance

10170

Manufacturing

13990

Agriculture and mining

11390

Construction

-390

Forestry and fishing

14440

12400

Government services

Hotels and traveling

14830

-1430 39279

Real estate activities

Transportation

-250

Transfer payment

Personal Income

Question 10 Accommodation, food and beverages a activities Telecommunication

17600

Undistributed profit EPF

c

Personal Income Disposable Income

17600

-800 40709

2340

Net National Product at factor cost

3540 -8040

Personal Income

Personal Income taxes

Proprietor's income

b

e

4000 -1070

Corporate profit

20715

-5000

EPF Dividend

Question 8 a

52229

Employment Provident Funds

7760 12470 5980

Gross Domestic Product at market price 106385 d

National income/population Income per capita

17600/25 704

b

Question 9 a

b

Gross Domestic Product at market price

106385

Net Factor Income from abroad

-5730

Indirect taxes

-1630

Government expenditure

12400

Subsidies

Private expenditure

25500

Gross National Product at factor cost

100875

Gross private domestic investment

13600 Gross National Product at factor cost

100875

Changes of stock

1150

Net export

6300

Gross Domestic Product at market price

58950

Gross Domestic Product at market price

58950

Net Factor Income from abroad

-5741

Taxes on expenditures

-3680

Subsidies Gross National Product at factor cost

2700 52229

c

Capital consumption

d

1850

-1450

Net National product at factor cost

99425

Net National product at factor cost

99425

Transfer payment

2570

EPF

-2940

Insurance premium

-1710

SOCSO Personal Income

-2250 95095

pg. 58

Macroeconomics Worksheet: National Income Accounting

Question 13

Question 11 a

a

Gross Domestic Product at market price

25300

Household consumption

1600

Gross investment

1090

Capital consumption

Export

2870

Net Domestic Product at market price

24280

Import

-1450 Net Domestic Product at market price

24280

Net Factor Income from abroad

10500

Indirect taxes

-2300

Changes in inventories

375

Public expenditure

950

Gross Domestic Product at market price

5435

Gross Domestic Product at market price

5435

b

-1020

Subsidies b.

Net Factor Income from abroad Indirect taxes Subsidies Depreciation

c.

570

Net National Product at factor cost

5805

Corporate taxes

-875

Retained earning

-300

Transfer payment

570

Personal Income

c

-220 5805

SOCSO

34180

Net National Product at factor cost

34180

Corporate profit taxes

-3130

Retained earning

-4750

transfer payment

8600

310 -290

Net National Product at factor cost

EPF

1700

Net National Product at factor cost

EPF

-2700

Distributed profit

5400

Saving

-2600

SOCSO

-245

-1500

Personal Income

33500

Personal Income

33500

-124 4831

d

individuals' income taxes d

Personal Income Direct Personal Taxes Personal Income

-3800

Personal Income

4831

29700

-450 4381

e

National income/population

34180/17.8

Income per capita e

National income/population

5805/17.8

Income per capita

326.1236

Question 14 a

Question 12 a

National income

25300

Transfer payment

8600

Agriculture forestry and fishing

3320

Government services

3840

Mining and quarrying

2600

Transport and warehouse storage

1580

EPF

-2700

Communication

2260

SOCSO

-1500

Finance insurance and other services

1920

Corporate income taxes

-3130

Manufacturing

5460

5400

other services

4600

electricity gas and water

3380

Wholesale and retail trade

2240

Distribution profit Undistributed profit saving

b

-4800 2200

Personal Income

29370

Personal Income

29370

Personal Income taxes

-3000

Disposable Income

26370

b

Construction Gross Domestic Product at market price

3760 34960

Gross Domestic Product at market price

34960

Net factor income from abroad Taxes on expenditure

c

1920.2247

National income/population

29370/18.5

Income per capita

1587.5676

Subsidies Gross National Product at factor cost

2650 -2800 3150 37960

pg. 59

Macroeconomics Worksheet: National Income Accounting

Question 16

Question 14 c

d

Gross National Product at factor cost

37960

Depreciation Net Factor Income from abroad

-1600 36360

National income/population Per capita income

a

Gross Interest

36360 / 24.5 1484

Household consumption Government expenditure

-1050 -7250

retained earning

-3850

Net National Product at factor cost

18830

5500 7850

Interest on consumer loan

1050

Taxes on companies profit

-7250

380

Import Gross Domestic Product at market price

-6500 28330

Gross Domestic Product at market price

28330

Subsidies Gross National Product at factor cost

Undistributed profit

c

2780 -4750 5420 31780

Gross National Product at factor cost

31780

Depreciation Net National Product at factor cost

-2560 29220

Net National Product at factor cost

29220

EPF

-1390

Retaining earning

-950

SOSCO

-870

Transfer payments

1350

Dividend Corporate profit taxes Personal Income

Personal Income

11030

direct income taxes

-3400

National income/population

Personal Income

21420

Personal income taxes Disposal income

-5280 16140

7630 18830/21.6 897

Question 17 a

Income from self-employment

5580

Net interest

6430

Dividend

4820

Taxes on companies profit

3780

Undistributed profit

4250

Wages and salaries

6200

Rental

630 -6570 21420

-3850 11030

Disposal Income d

1400

Personal Income

Per capita income

v

850

Private investment

Indirect taxes

iv

7400 18830

Export

Net Factor Income From Abroad

iii

4500

Net National Product at factor cost

Transfer Payment

12400

8750

Corporate taxes

Interest on government loan

Changes in inventories

ii

Interest on consumer loan

Rental

b

6500 -1400

Wages and salaries

8700

5230

interest on government loan Dividend

Question 15 a Difference GDP and GNP - income receive and income paid bi

Proprietorship income

b

33480

Net Factor Income from abroad

33480

Transfer Payment

2200

Interest on government loan

2920

Interest on consumer loan

2400

Taxes on companies profit

-3780

Undistributed profit

c

-4250

Personal Income

32970

Personal Income

32970

Taxes on individuals' income Disposal Income d

2420

Net National Product at factor cost

-3850 29120

National income/population

33480/21

Per capita income

1594.286

pg. 60

Macroeconomics Worksheet: National Income Accounting

Question 18 a

Question 20

National income

17650

EPF

-3680

Transfer payment Interest on Government Loan

a

Manufacturing

3490

5900

Financial & insurance

2870

2950

Other services

3252

Corporate taxes

-6700

Real estate activities

5120

Social Security Contribution

-2700

Hotel, lodging & recreation

2540

Insurance

-1520

Telecommunication

3620

Retaining earning

-8890

Government services

3770

Mining

1450 1360

Interest on Consumer Loan

3500

Zakat

-1140

Transportation

Personal Income

5370

Energy & water Construction

b

Personal Income

5370

Personal Income Taxes

-1300

Disposal Income

4070

Forestry & Fishing

b c

Gross Domestic Product at market price

56272

17650/12

Net Factor Income from abroad

Per capita income

1470.833

Taxes on expenditure

2970

Gross National Product at factor cost

62162

Gross National Product at factor cost

62162

1095

Financial services

5560

Telecommunication

5327

Capital consumption

Government services

5250

Net Factor Income from abroad

59332

Real estate activates

10520 Net Factor Income from abroad

59332

Constructions

3172

c

d

13180

Transfer Payment

-2830

5030

Forestry

6020

Insurance premium

-1240

Manufacturing

6750

Social Security Contribution

-1140

Wholesale and retail trade

1890

Employee Provident Funds

Other services Gross Domestic Product at market price

3122 61886

Gross Domestic Product at market price

61886

Factor income received from abroad

d

5030 -2110

Insurance

Electrical, gas and water

c

1720 56272

Subsidies

b

4590 10910

Gross Domestic Product at market price

National income/population

Question 19 a

11580

Wholesale & retail trade

2252

factor income paid from abroad

-2160

Indirect taxes

-2830

Subsidies Gross National Product at factor cost

4340 63488

Gross National Product at factor cost

63488

Capital consumption Net Factor Income from abroad

-3575 59913

Net Factor Income from abroad

60432

Personal Income

60432

Personal Income Taxes Disposal Income

0 60432

59913

Transfer payment

2552

Insurance premium

-1357

Employee Provident Funds Personal Income

e

-1550

Personal Income

-1250 59858

pg. 61

Macroeconomics Worksheet: National Income Accounting

BIBLIOGRAPHY Deviga Vengedasalam & Karunagaran Madhavan (2013). Economics. 3rd Edition.

Shah Alam: Oxford Fajar Sdn Bhd. Hauke Kite-Powell. Lecture Notes: National Income & Product Accounts (NIPA).

Economics of Marine Transportation Industries. (pp. 1-2).

Retrieved from: https://ocw.mit.edu/courses/mechanical-engineering/2-964economics-of-marine-transportation-industries-fall-2006/lecturenotes/nipa.pdf Karl E. Case & Ray C. Fair (2007). Principles of Economics. 8th Edition. Malaysia: Pearson Prentice Hall. Pearson Education, Pte. Ltd. Kenneth S. (April1974). National Income Accounting and Economic Welfare: The Concepts of GNP and MEW. Federal Reserve Bank of St. Louis. (pp. 18 -24).

Retrieved from: https://files.stlouisfed.org/research/publications/review/74/04/Accounting_A pr1974.pdf National Income Accounting. Introduction to Economics; ECON 100:11 & 13.

Retrieved from: http://people.stfx.ca/tleo/national_income_accounting.pdf National Income and Macroeconomics.

Retrieved from: http://www.newagepublishers.com/samplechapter/001753.pdf Nelson C. R. (Jan. 3, 2005). Macroeconomics: An Introduction. (Chapter 2: National Income). Internet Edition. (pp 1-35).

Retrieved from: http://faculty.washington.edu/cnelson/Chap02.pdf Robert J. Gordon (2012). Macroeconomics.12th Edition. Boston: Pearson Addison Wesley.

Sarimah Hanim Aman Shah & Abd. Rashid Mohd Ali (2017). Principles of Economics. 3rd Edition. Shah Alam: Oxford Fajar Sdn Bhd.

pg. 62

This worksheet is designed as supplementary material for the course of Macroeconomics

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