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WAEC Economics 2017 Question 32

Question 32

National Income

The value-added method used in measuring national income is to

  1. A.measure output at factor cost.
  2. B.avoid multiple counting of output.
  3. C.deduct depreciation of capital assets.
  4. D.add net factor income from abroad.
Show the answer and explanation

Answer: B (avoid multiple counting of output.)

Explanation

Counting only the value added at each stage stops the same output being counted several times.