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If Y = income, C = Consumption, I = Investment, X = Export and M...

Economics
WAEC 2012

If Y = income, C = Consumption, I = Investment, X = Export and M = Import, then national income is

  • A. Y = C - I + (x +m0
  • B. Y = C + I + (x + m)
  • C. Y = C +I +(X - M)
  • D. Y =C + I + (m - x)
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Correct Answer: Option C
Explanation

Since national income is the gross domestic product of a country plus all the wages, salaries of its citizens abroad minus earnings of foreign citizens residing in the said country;

National Income = C + I + X - M (exports - imports)

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