8 Questions
Which of the following best defines national income?
The total value of goods and services produced within a nation in a given period of time
What is the primary purpose of measuring national income?
To assess the economic growth and development of a nation
Which of the following is NOT included in the calculation of national income?
Transfer payments from the government
Which branch of economics focuses on the behavior of individual agents and markets?
Microeconomics
Which branch of economics analyzes the economy as a system and factors affecting it?
Macroeconomics
Which branch of economics describes 'what is' rather than 'what ought to be'?
Positive economics
Which branch of economics focuses on economic theory and its application?
Positive economics
Which branch of economics studies the behavior and interactions of economic agents?
Microeconomics
Test your knowledge on national income with this quiz! Learn about the definition of national income, its importance, and what is included or excluded in its calculation.
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