Question

National income is computed \(\underline{\hspace{2cm}}\).

Hint:

National income can be measured in multiple ways, but all methods aim to quantify the total value of goods and services in the economy.

Answer 1

Step 1: Understanding national income computation.
National income can be computed using different approaches, such as: - The production approach: Adding up the value of all goods and services produced in the economy. - The income approach: Summing up all the incomes earned in the economy. - The expenditure approach: Adding up all expenditures on final goods and services.

Step 2: Conclusion.
Thus, the correct answer is By all the above.