Question : According to ________________ of national income, national income is the sum total of final expenditure incurred by households, business firm, government and foreigners.
Option 1: Expenditure method
Option 2: Income method
Option 3: Value added method
Option 4: Output method.
Answer (1)
27th Jan, 2024
Correct Answer: Expenditure method
Solution : According to expenditure method national income is the sum total of final expenditure incurred by households, business firm, government and foreigners. It includes four compenents.
- Private final consumption expenditure.
- Government final consumption expenditure.
- Gross domestic capital formation.
- Net exports
Hence, Option A is correct.
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