2. What is the difference between GDP and each of the following?

a. gross national product

b. net national product

c. national income

d. personal income

e. disposable personal income Use the following national income accounting infor mation to do exercises 3–7:

Stage Value Added Consumption Imports Net investment Government purchases Exports Capital consumption allowance

$400 10 20 100 20 20 Stage Value Added Statistical discrepancy Receipts of factor income from the rest of the world Payments of factor income to the rest of the world 5

12 10