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What are the importance of national income in the economy?
The importance of national income in the economy is absolutely huge. This determines whether or not there is money that can be spent.
What is importance of calculating national income in an economy?
it is very important to calculate national income so as to see whether the country in terms of its economy is progressing and to also see that the calculation of national income is carried out efficiently and precisely
What is the economy of Luxembourg like?
Its an open and very developed economy with a vry healthy percapita income rate
'National Income statistics are a powerful tool of economic understanding and analysis' Explain 'An economy's output is its income' Do you agree Explain?
national income measures the wealthy that exists in an economy.national income statistics wl determine national output under the fomular:output=income=expenditure!however the appropriateness of national income ar a measure of output is compromised by the weaknesses inherent in obtaining national income data!national income disregards underground economy or the black market which as a result economies that constitute a significant amount of such markets would have an understated national income figure thus its true measure of national out put wl nt be realised if these statistics are used!
What are the uses of national income statistics?
There are so many uses of national income statistics. This is commonly used to measure the economy and living standards of the people in a country.
What are the importance of national income in the economy?
The importance of national income in the economy is absolutely huge. This determines whether or not there is money that can be spent.
What is importance of calculating national income in an economy?
it is very important to calculate national income so as to see whether the country in terms of its economy is progressing and to also see that the calculation of national income is carried out efficiently and precisely
What is the importance of national income figures?
National income figures helps governmental institutions understand the state of the economy. If the national average for income has increased, then businesses are growing.
What the disadvantages of using the income approach to measure national income in Ghana?
The income approach to measure national income in the country of Ghana is not very accurate. Much of the Ghana economy relies on the barter system.
What is the economy of Luxembourg like?
Its an open and very developed economy with a vry healthy percapita income rate
'National Income statistics are a powerful tool of economic understanding and analysis' Explain 'An economy's output is its income' Do you agree Explain?
national income measures the wealthy that exists in an economy.national income statistics wl determine national output under the fomular:output=income=expenditure!however the appropriateness of national income ar a measure of output is compromised by the weaknesses inherent in obtaining national income data!national income disregards underground economy or the black market which as a result economies that constitute a significant amount of such markets would have an understated national income figure thus its true measure of national out put wl nt be realised if these statistics are used!
How the higher national income will contribute he growth of the economy?
A higher national income reflects an increase in demand from the country itself and exports to outside countries. This contributes to the growth of the economy by increasing employment and wages to meet these demands.
What are the uses of national income statistics?
There are so many uses of national income statistics. This is commonly used to measure the economy and living standards of the people in a country.
What are the features of national income?
*national income statistics provide a wide view of country's entire economy. it provide a wide view of various groups in population who participates as producers and income receiver.
What is the Circular flow of national income in four sector economy?
The economy is no longer closed and all other assumptions hold.
Are welfare payments to low income families included in the national income?
Yes. "National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production of final goods and services during a given period of time, usually one year" ("Economic Definition of national").
What is the formula for finding countries national income?
Basically we calculate the national income on the basis of Indian economy that has been divided into 13 sub sectors under primary, secondary and tertiary sector.
