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Questions and Answers
Which of the following best represents national income?
Which of the following best represents national income?
- The total population of a country
- The total value of goods and services produced within a country in a specific time period (correct)
- The average income of the citizens in a country
- The total amount of money held by the government in a specific time frame
Which of the following is NOT included in the calculation of national income?
Which of the following is NOT included in the calculation of national income?
- Government transfer payments
- Personal income taxes
- Corporate profits
- Imported goods (correct)
What is the primary factor used to calculate national income?
What is the primary factor used to calculate national income?
- Gross domestic product (GDP) (correct)
- Unemployment rate
- Consumer spending
- Government expenditure
