Q.
a) What do you understand by the term National Income? Why is it not equal to Gross National Product (GNP). (5 marks)
b) Explain any one (1) approach of calculating national income and discuss the factors that determine the national income. (15 marks)
(20 marks, 2012 Q5)
A.
a)
Refer "National Income"
Refer "GNP"
b) Method of calculating National Income and its factors/problems of calculating.
Ref:
Earlier posts.