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ECON MACRO

5th Edition
William A. McEachern
Publisher: Cengage Learning
ISBN: 9781337000529

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BuyFindarrow_forward

ECON MACRO

5th Edition
William A. McEachern
Publisher: Cengage Learning
ISBN: 9781337000529
Chapter 6, Problem 3.6P
Textbook Problem
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What relevant aspects of the economy are not reflected in the national income ac counting system.

To determine

The aspects of the economy that are not shown in the national income accounting system.

Concept Introduction:

National Income Accounts: It is record keeping system which measures the record of economic activities in the nation

Gross Domestic Product (GDP): It is the money value of final goods and services produced in a year.

Explanation of Solution

National income accounting measures the revenue earned, wages paid and tax revenues .It is governed by results but not by process .GDP is most accurate and widely used result of it

GDP reflects market production in a year. Most of the household production (non-economy activity) social works are not reflected in the GDP. Variety in products, quality improvements is not interpreted in GDP numbers...

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