Examines concept of GNP, including its major components, effects of personal income tax policy on GDP, tax cuts and govt. spending. Includes a table.
Written in 1999; 1,575 words; 8 sources; $ 55.95
From the Paper:
"GROSS DOMESTIC PRODUCT, ITS COMPONENTS, AND THE EFFECTS OF PERSONAL INCOME TAX POLICY IN THE UNITED STATES
This research examines the concept of gross domestic product (GDP), the components of GDP, and the effects of personal income tax policy on GDP in the United States. GDP is a measure of the total flow of goods and services produced by an economy over a specified time period, excluding intermediate products and depreciation (Byrns & Stone, 1995). The value of intermediate products is included in the prices of the final consumption goods. The omission of an adjustment for depreciation differentiates GDP from net domestic product (NDP). Lastly, GDP measures include no adjustment for indirect taxes or government subsidies. The absence of these adjustments means that the GDP is valued at market prices, as opposed to factor.."
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