Economic Awareness - Sectors of Indian Economy
Which method of national income calculation sums up all incomes earned by factors of production?
Which method of national income calculation sums up all incomes earned by factors of production?
easy Q3 of 15
Step-by-Step Solution
Step 1: Understand calculation methods
National income can be calculated by three methods: output, income, and expenditure.Step 2: Identify income method
The income method sums all incomes earned by factors of production such as wages, rent, interest, and profits.Final Answer:
Income method → Option BQuick Check:
Income method = sum of factor incomes ✅
Quick Trick: Income method sums wages, rent, interest, and profits.
Common Mistakes:
- Confusing income method with output or expenditure methods.
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