which of the following is excluded when making national income?

Assessment: WAEC SSCE - Economics - 2004 (Objective) Subject: Economics

Question 1 Report

which of the following is excluded when making national income?
Answer Details
The transfer of payments is excluded when making national income. Transfer payments refer to money received without providing any good or service in exchange, such as social security benefits or welfare payments. Since transfer payments do not involve the production of goods and services, they are not included in the calculation of national income. Wage and salaries, profits, and dividends are all examples of payments for goods and services that are included in the calculation of national income.
Read lesson note on National Income (WAEC)
Read lesson note on Economics As A Science (JAMB)
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