Question

In what ways are national income statistics useful?

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Answer 1

Answer:

National income figures are useful indicators of a country's economic performance. Just as it does for the economy as a whole, private accounting does for an individual term or an individual household. These statistics enable economists and policymakers.

National Gross Domestic Product (GDP) is used to measure gross domestic product and can be used for economic growth or decay. This could be the driving statistics behind the strategic decision.

What private accounting does for businesses is what accounts for national income does for the economy as a whole. While companies measure income and expenses to assess their financial health, the national income accounting system measures the level of productivity of the economy at certain times and helps to clarify that level. By national comparison Accounts for many years, we can track the long-term course of the economy The information provided by national accounts provides the basis for designing and implementing public policies to improve the performance of the economy. In the absence of national accounts, economic policy would be roughly a task. The National Income Account allows us to assess the health of the economy and formulate policies to monitor and improve that health.

In these ways the national income statistics are useful.