Question : Which of the following statements is/are correct concerning income or output?
i. Income or output are flows.
ii. Income or output are stocks.
iii. Income or output can be defined over a period.
Option 1: Only i and iii
Option 2: Only ii and iii
Option 3: Only i
Option 4: Only i and ii
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Correct Answer: Only i and iii
Solution : The correct answer is Only i and iii .
By directly calculating the total value of all the goods and services a country produces, the output approach aims to determine the total output of that country.
According to the income approach, a country's total output is equal to the total factor income that its citizens or residents receive. Income stocks are investments that have a low-risk profile and provide consistent, predictable income over time—typically in the form of dividends.
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