Test your understanding of this topic
Q1.
National income represents:


Q2.
The total market value of all finished goods & services produced in a year by a country's residents represents:


Q3.
The best way to compare standard of living of people across different countries is to look at


Q4.
The money value of all final goods & services produced by residents & non-residents within a country’s borders in a specified time period represents:


Q5.
Which approach measures GDP by adding together the total expenditure incurred in buying a year’s output?