while estimating the national income, only the value of the final goods and services is used. explain with the help of an example.
Added by Roger S.
Step 1
A farmer grows wheat and sells it to a flour mill for \$100. Show more…
Show all steps
Your feedback will help us improve your experience
Amna Khan and 80 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
We stated in this chapter that GNP accounts avoid double counting by including only the value of final goods and services sold on the market. Should the measure of imports used in the GNP accounts therefore be defined to include only imports of final goods and services from abroad? What about exports?
Lottie A.
Jennifer S.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD