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WAEC Economics 2023 Question 33

Question 33

National Income

To overcome the problem of double counting under the expenditure approach,

  1. A.value added method is used.
  2. B.only spending on final goods are considered.
  3. C.proper accounting standards must be used.
  4. D.spending on intermediate goods and inputs are considered.
Show the answer and explanation

Answer: B (only spending on final goods are considered.)

Explanation

Counting only final spending avoids counting inputs twice.