National Income Accounting

Step 1: Understanding personal income.
Personal income refers to the total income received by individuals or households in a given period. It includes wages, salaries, investments, and any other income sources before taxes and deductions.

Step 2: Conclusion.
Thus, personal income is the total amount of income available to individuals, including all forms of earnings from various sources.

Step 1: Understanding Net National Product (NNP).
Net National Product (NNP) is the total market value of all final goods and services produced by a country's residents in a given period, minus the depreciation of capital goods. It is calculated as: where GNP is Gross National Product.

Step 2: Conclusion.
Thus, NNP accounts for the depreciation of capital and provides a measure of the actual productive capacity of the economy.

Step 1: Understanding national income computation.
National income can be computed using different approaches, such as: - The production approach: Adding up the value of all goods and services produced in the economy. - The income approach: Summing up all the incomes earned in the economy. - The expenditure approach: Adding up all expenditures on final goods and services.

Step 2: Conclusion.
Thus, the correct answer is By all the above.