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FAQs on Mind Map: National Income Accounting - Famous Books for UPSC Exam (Summary & Tests)
| 1. What is national income accounting? |  |
Ans. National income accounting is a method used to measure the economic activity of a country. It involves the calculation and analysis of a nation's total income, expenditure, and output over a specific period. This accounting system helps in understanding the overall economic performance of a country and making informed policy decisions.
| 2. What are the components of national income? | |
Ans. The components of national income include wages and salaries, rent, interest, and profit. These components represent the income earned by individuals and businesses within a country. Additionally, government transfer payments, such as social security benefits or unemployment benefits, are also included in the national income calculation.
| 3. How is national income measured? | |
Ans. National income is measured using various methods, including the production approach, income approach, and expenditure approach. The production approach calculates national income by adding up the value of all goods and services produced within a country during a specific period. The income approach measures national income by summing up the incomes earned by individuals and businesses. The expenditure approach calculates national income by adding up all the spending on goods and services within a country.
| 4. Why is national income accounting important? | |
Ans. National income accounting is important as it provides policymakers, economists, and analysts with valuable information about the overall health and performance of an economy. It helps in assessing the standard of living, economic growth, and distribution of income within a country. By analyzing national income data, policymakers can make informed decisions regarding fiscal and monetary policies to promote economic stability and growth.
| 5. What are the limitations of national income accounting? | |
Ans. While national income accounting is a useful tool, it has some limitations. It may not accurately capture the informal or underground economy, where transactions are not recorded. It also does not account for non-market activities, such as household work or volunteer services. Additionally, national income accounting does not consider income distribution, which may result in an inaccurate representation of the overall well-being of a population.
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