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
PUB L IS HE D B Y PO L I TE K N I K S ULT A N H AJ I AH MAD SH A H K UA NT A N P A HA NG
