3 Questions
What is national income and how is it measured?
National income is the total value of all goods and services produced by a country in a specific time period. It is measured using methods such as GDP (Gross Domestic Product) or GNP (Gross National Product).
What are the components of national income?
The components of national income include wages, salaries, profits, rent, and interest.
What is the importance of national income?
National income is important as it provides a measure of a country's economic performance and standard of living. It helps in analyzing economic growth, income distribution, and making policy decisions.
Study Notes
What is national income and how is it measured? What are the components of national income? What is the importance of national income?
Test your knowledge on national income with this quiz! Learn about what national income is, how it is measured, and the components that make it up. Discover the importance of national income in understanding a country's economic health.
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