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4 cards from this section. Quick, good the night before a test.
What is the definition of National Income?
Think about what aggregates all economic activities in a country.
Name one method of measuring National Income.
Consider the way we account for either incomes or expenditures.
What does National Income measure?
Think about the aggregate economic output of a country.
True or False: National Income includes income from non-market transactions.
Recall what is defined as market-based economic activity.
How can a country have a high GDP but a low standard of living? Provide examples.
Think about wealth distribution and environmental impacts.
Given the following data: Consumption = $800, Investment = $200, Government Expenditure = $300, Exports = $150, Imports = $100, calculate the National Income.
Focus on how to sum all components carefully.
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