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I studied PPE at Lady Margaret Hall college, Oxford University, and currently work as an Economics A Level teacher. I have also examined several different economic units for Edexcel AS and A2.
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Hi Marg
There are two types of national incomes. First is Gross National Income and second one is Net National Income. National income is what value a country has produced in a year in form of goods and services.
Yes it may be one indicator of progress of a country but not complete indicator.
Actually National income per capita is v. good indicator of economic development.
High Gross national Income per capita of U.S.A., Canada, England show their huge economic development and low Gross NI of Pakistan, Niger, Nepal etc show their poor economies.
So we can say national income per capita is most important indicator of economic development although there are others indicator need to keep in mind.
Regards,
Raj
Does national income a sufficient indicator to measure and compare living standards between countries???
thanks
Hi Gregory Joziak
Yes Australian economy has big current account deficit in past. It is also true that it has an export oriented economy. Payment of interest and dividends has large share in current account deficit. But Australia also has trade balance deficit. Actually Australia exports martial rather than high cost finished goods. Australia also has regularly budget deficit. It increases current account deficit. Australia depends heavily on foreign companies. Japan has big companies which do business in outside countries. Australian business borrowed money from outside. They have to pay interest on it. This increases payment side. National saving rate is not sufficient. Australian current account deficit was above 4% in eighties and later more than 5%. On the other hand China and Japan has huge current account surplus.
Regards,
RAJ
where do you get an answer for all these questions??
if australia is a export-driven economy why it has a current account deficit?
Suppose there are n identical firms in a Cournot equilibrium. Show that the absolute value of the elasticity of the market demand curve must be greater than 1/n. (Hint: In the case of the monopolist, n = 1, and this simply says that a monopolist operates at an elastic part of the demand curve (MR > 0). Apply the logic that led us to that conclusion to this problem.)