GCE Economics 2024 Objective — Question 32
Question 32 of 50 from the General Certificate of Education (GCE) Economics 2024 Objective paper, with the correct answer and a full explanation.
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National income estimates will be understated as a result of the activities of
- A. A. subsistence farmersCorrect
- B. B. musicians
- C. C. laundry women
- D. D. housekeepers
Explanation
Substance farming or small scale production is a limitation in the calculations of the national income accounting other limitations include transfer payment, inflation and deflation, difficulty in defining income, double counting etc.
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