The output approach to measuring national income is based on the computation of
ECONOMICS
JAMB 2008
The output approach to measuring national income is based on the computation of
- A. final output
- B. factor cost
- C. value added
- D. profits earned
Correct Answer: C. value added
Explanation
The output approach measures national output called gross domestic products (GDP) in terms of the values added by each of the sectors of the economy.
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