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National income does provide some measure of social welfare, but it is by no means a perfect measure. National income only captures economic activity, and does not take into account other important factors such as environmental quality, leisure time, or income distribution. In addition, national income does not always reflect changes in welfare that may occur over time, such as increases in life expectancy.
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Is national income a satisfactory measure of economic welfare?
is national income a satisfactory measure
What are the importance and limitations of national income statistics?
The importance of national income statistics is to show a national income figures and show the performance of the company. The limitations are there are room for errors in report , some categories are not accurate or are misrepresented , and they do not measure welfare as a source of income.
What is the importance of national income accounting figures?
1. it help to know economic problem of under developed country 2. it help to measure inflationary 3. national income accounting throw the light on distribution income in economy 4. it help to measure the welfare of the citizens or country by EMMANUEL GASPER MZUMBE UNIVERSITY
Differentiate between national income at market price and national income at factor cost?
National income at factor cost is the measure of national income or output based on the cost of factors of production.This allows the effect of any subsidy or indirect tax to be removed from the final measure. National income at market prices is the total income receivable plus taxes on production and imports less subsidies.
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").
Is national income a satisfactory measure of economic welfare?
is national income a satisfactory measure
What are the importance and limitations of national income statistics?
The importance of national income statistics is to show a national income figures and show the performance of the company. The limitations are there are room for errors in report , some categories are not accurate or are misrepresented , and they do not measure welfare as a source of income.
What is the importance of national income accounting figures?
1. it help to know economic problem of under developed country 2. it help to measure inflationary 3. national income accounting throw the light on distribution income in economy 4. it help to measure the welfare of the citizens or country by EMMANUEL GASPER MZUMBE UNIVERSITY
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.
Differentiate between national income at market price and national income at factor cost?
National income at factor cost is the measure of national income or output based on the cost of factors of production.This allows the effect of any subsidy or indirect tax to be removed from the final measure. National income at market prices is the total income receivable plus taxes on production and imports less subsidies.
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").
Is Welfare income classified as ordinary income?
No. Under the "General Welfare Doctrine", any government welfare payments are not included in taxable income.
What method in India is used to measure national income in service sector?
national and output method
'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 has the author Abram Bergson written?
Abram Bergson has written: 'Prices of basic chemical products in the Soviet Union, 1928-1950' 'Welfare, planning, and employment' -- subject(s): Employment (Economic theory), Manpower policy, Planning, Public welfare, Welfare economics 'Soviet national income and product, 1928-48' -- subject(s): Gross national product, Income 'The structure of soviet wages' -- subject(s): Economic policy, Wages 'Soviet national income and product in 1937' -- subject(s): Accounting, Income, National income 'Welfare, planning, andemployment' -- subject(s): Welfare economics 'Bergson' 'The study of Soviet wages' -- subject(s): Economic policy, Russia, Wages 'Prices of iron and steel products in the Soviet Union, 1928-1950: a summary report' -- subject(s): Iron industry and trade, Steel industry and trade
Uses of national income?
Uses of National Income Data:- 1:National Income as a measure of economic growth - Estimates of national income at constant prices indicate economic growth of a country. 2:National Income as an indicator of success or failure of planning - If a country has adopted planning as a means of economic growth then national income data can help in assessing the achievements of planning. 3: Useful in estimating per capita income - Per capita income is obtained by dividing national income by total population of the country. 4:Useful in assessing the performance of different production sectors - Production units of a country are broadly classified into primary, secondary and tertiary sectors. These sectors generate factor incomes. The data on factor incomes generated by these sectors can be used to measure their relative contributions to national income. 5:Useful in measuring inequalities in the distribution of income - All individuals so not have the same income. It means national income is unequally distributed among people. The extent of inequality in a country can be measured from the national income data collected through the income distribution methods. 6:Useful in measuring standards of income - The expenditure method reveals consumption expenditure and investment expenditure. If the total consumption expenditure is divided by the total investment expenditure we get per capita consumption expenditure which indicates the average standard of living of the people of the country. 7:Makes international comparisons possible - We can compare the economies of any two countries on the basis of their national income data.
