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From the following which method is used for measuring national income:
Production method
Income method
Expenditure method
All of the above.
- National income can be measured using different methods that assess different aspects of the economy.
- Production Method: Also known as the output method, this calculates the total value of goods and services produced in a country within a specified period.
- Income Method: This approach sums up all the incomes earned by individuals and businesses, including wages, rents, interests, and profits.
- Expenditure Method: This method focuses on total spending in the economy, summing up consumption, investment, government spending, and net exports.
All of the above methods are used for measuring national income.
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