Answered: Over the years, as the US has passed…

Over the years, as the US has passed from an industrial to a service economy, have US national income accounting calculations changed?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Over the years, as the US has passed from an industrial to a service economy, have US national income accounting calculations changed?

Definition Definition Monetary value of all goods and services produced in an economy during a financial year. National income also refers to the total income earned by the factors of production during a financial year.

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