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Part 7 Economics PI, PDI, PCI, GCF ,GDP By Md kashif hayat
1 Define personal income ?
Ans = It is the sum of all the incomes received by all the households during a given period say financial year.
2 Mathematical formula for personal income is ?
Ans ,PI = NI + income received but not earned - income earned but not received
3 What is PDI define it ?
Ans = measures the after-tax income of persons and nonprofit corporations.
Or
If the personal tax payments and Non tax payments are deducted from personal income PDI is obtained.
4 Define mathematical formula for PDI ?
Ans = PI - Personal tax payments - Non tax payments
5 What is the full form of PCI ?
Ans = Per capita income
6 Define PCI ?
Ans = It is generally calculated by dividing the total national income ( GDP) by total population.It serve as an indicator of a country's living standard.
( Note = It is not the average income because it includes working and non working peoples and child.)
7 Define GDP deflator/Implicit price deflater ?
Ans = The GDP deflator is a measure of the level of prices of all new, domestically produced, final goods and services in an economy in a financial year.
8 What is the mathematical formula for GDP price deflater ?
Ans = GDP price deflater = ( Nominal GDP / Real GDP)*100
9 What is the full form of GCF ?
Ans = Gross Capital formation
10 Define GCF ?
Ans = It is defined as the new investment addition to the fixed assets, plus the net change in inventions.