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JAMB Economics 1991 Question 49

Question 49

National Income

In the national income and product accounts, double counting is avoided if

  1. A.only final goods are counted
  2. B.only intermediate goods are counted
  3. C.only intermediate and final goods are counted
  4. D.the value of all goods and services are added together
Show the answer and explanation

Answer: A (only final goods are counted)

Explanation

Intermediate goods are already included in the price of final goods, so counting only final goods avoids counting them twice.