Question

National income is computed every year. (State whether the statement is TRUE or FALSE)

Answer 1

Hey, mate here is ur answer....
It is true that National income is computed every year.

Answer 2

National income is computed every year- the given statement is true.

* National income refers to the total amount of goods and services( in terms of money) produced in any country in a given year.

* It is calculated by taking into consideration the total income or revenue generated from all the factors of production such as rent, wages, interest as well as profit.

* The total income generated from the other countries is also taken into account.

* There are three methods for calculating the national income such as the product method, income method and the expenditure method.