1. **State the problem:** Calculate GDP, GNP, NI, Personal Income, and Disposable Personal Income using the given national income data for Australia in 2024. 2. **Formulas and explanations:** - Gross Domestic Product (GDP) is the total value of goods and services produced within a country. - Gross National Product (GNP) = GDP + Factor income received from abroad - Factor income paid to abroad. - National Income (NI) = GNP - Depreciation. - Personal Income = NI - Corporate tax - Undistributed profit - Social security contribution + Transfer payment. - Disposable Personal Income = Personal Income - Personal income tax. 3. **Calculate GDP:** GDP is the sum of all incomes generated within the country: $$GDP = \text{Income from employment} + \text{Income from self-employment} + \text{Income from rent, dividend and interest}$$ $$GDP = 26000 + 24000 + 20000 = 70000$$ 4. **Calculate GNP:** $$GNP = GDP + \text{Factor income received from abroad} - \text{Factor income paid to abroad}$$ $$GNP = 70000 + 40000 - 14000 = 96000$$ 5. **Calculate National Income (NI):** $$NI = GNP - \text{Depreciation}$$ $$NI = 96000 - 2000 = 94000$$ 6. **Calculate Personal Income:** $$\text{Personal Income} = NI - \text{Corporate tax} - \text{Undistributed profit} - \text{Social security contribution} + \text{Transfer payment}$$ $$\text{Personal Income} = 94000 - 1600 - 10000 - 400 + 2000 = 84000$$ 7. **Calculate Disposable Personal Income:** $$\text{Disposable Personal Income} = \text{Personal Income} - \text{Personal income tax}$$ $$\text{Disposable Personal Income} = 84000 - 1000 = 83000$$ **Final answers:** - GDP = 70000 - GNP = 96000 - National Income = 94000 - Personal Income = 84000 - Disposable Personal Income = 83000