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The method obtained by adding all the reward of factors of production in national income...

Economics
JAMB 2019

The method obtained by adding all the reward of factors of production in national income is________

  • A. income approach
  • B. expenditure approach
  • C. value added method
  • D. output approach
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Correct Answer: Option A
Explanation

The reward of factors of production are: Rent, Interest, wages & salaries and profit. In national income adding the reward i.e R + I + W + P is used in calculating the income approach.

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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995