Class Activity Economics.pdf

BSEC 1103: Principles of Economics Activity: 5 Marks Answer the following questions in a handwritten format and submit the hardcopy by 21st May 2024. Q.1) “Personal income is the sum total of all current incomes received by the individuals or...

BSEC 1103: Principles of Economics Activity: 5 Marks Answer the following questions in a handwritten format and submit the hardcopy by 21st May 2024. Q.1) “Personal income is the sum total of all current incomes received by the individuals or households from all sources within the domestic territory of a country during an accounting year.” Do you agree? Assume that the total national income of a country in 2018 was 720 million OMR and total transfer payment was 1.8 million. Undistributed profit is 12% of the nation income. Calculate Personal income? (0.5 + 1.5 marks) Q.2) In another scenario assume that personal income is 480 million OMR, and the tax is 10%. Calculate Disposable Income? (1 Mark) Q.3) Imagine you're at a career fair, and a group of high school students approaches you, curious about why they should consider studying microeconomics and macroeconomics. They want to know the difference between the two subjects and why they're essential for understanding businesses and economies. Write in your own words what answers you will provide to them? (2 Marks) ***