What is national income? state the uses of national income statistics.

National  income  is the  measure   of  the  total  monetary   value  of  all  goods  and  services   which   arise from  the  economic   activities   of  the  country   in  a  given  time,  usually   one  year.

 The Uses of National Income Statistics

• Measuring the level and rate of growth of national income (Y) is essential to keep track of:
• determining standards of living
• determine the nature of income distribution
• for research purpose
• for national development planning and budgeting
• international comparison
• show patterns of private and government expenditure
• High national income figures  attract foreign investment
• to solicit  foreign aid