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Measures of National Income and Output

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Questions and Answers

What do these measures count?

The total amount of goods and services produced within the economy and by various sectors.

What are some measures of national income and output used in economics?

Gross domestic product (GDP), gross national product (GNP), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion).

How is the boundary of national income and output usually defined?

By geography or citizenship.

What restricts the goods and services that are counted in national income and output measures?

<p>The total income of the nation.</p> Signup and view all the answers

What is one difference between different measures of national income and output?

<p>Some measures only count goods and services exchanged for money, while others may attempt to include bartered goods by assigning monetary values to them.</p> Signup and view all the answers