We measure national income by this method ?
Correct answer: D. All of the above
- A. Expenditure method
- B. Income method
- C. Product method
- D. All of the above
Explanation
National income can be calculated through the expenditure, income and product methods. In principle, all three methods produce the same total because one person's spending becomes another person's income and reflects the value of output.
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About Macroeconomics
The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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