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Questions and Answers
What is the concept of national income?
What is the concept of national income?
National income refers to the total value of goods and services produced within a country in a given time period, usually one year.
Why is national income an important economic indicator?
Why is national income an important economic indicator?
National income provides valuable insights into the overall economic performance and standard of living in a country. It helps in measuring economic growth, income distribution, and formulating economic policies.
What are the methods of measuring national income?
What are the methods of measuring national income?
There are three main methods of measuring national income: the income approach, the expenditure approach, and the production approach.
