Answer
a) 400 dollars
b) 350 dollars
c) 400 dollars
d) 220 dollars
e) 150 dollars
Work Step by Step
a) GDP is the final value for services and goods, and the only services were the haircuts (400 dollars).
b) Net national product is the total income, less depreciation (400-50, or 350 dollars).
c) National income is almost the same as gross domestic product (400 dollars).
d) Personal income is the take home income for everyone (excluding retained earnings and sales taxes collected). (350-30-100=220).
e) Disposable personal income is personal income less personal taxes (220-70=150).
