2 - National Income Accounting
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Practice Questions
Test your understanding with targeted questions
What are the three methods of calculating national income?
💡 Hint: Think P-E-I.
What does GDP stand for?
💡 Hint: It's a measure of the total economic output.
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Interactive Quizzes
Quick quizzes to reinforce your learning
Which of the following is NOT a method to calculate national income?
💡 Hint: Recall the three official methods discussed.
True or False: The Consumer Price Index measures the price change of wholesale goods.
💡 Hint: Think about the audience the index is designed for.
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Challenge Problems
Push your limits with advanced challenges
Consider a country with various industries producing different outputs. Calculate the national income using the product method given the following outputs: 500 units of electronics at $200 each, 1000 units of clothing at $50 each, and 300 units of machinery at $500 each.
💡 Hint: Make sure to multiply quantities by their respective value.
Discuss how the income method can provide a more comprehensive understanding of economic health than just GDP figures.
💡 Hint: Reflect on how it accounts for income from different sources.
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