WAEC Economics 2017 Objective — Question 34
Question 34 of 50 from the West African Examinations Council (WAEC) Economics 2017 Objective paper, with the correct answer and a full explanation.
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The formula Y=C+I+G+(X-M) will be appropriate for measuring national income using the
- A. A. income approach
- B. B. expenditure approachCorrect
- C. C. output approach
- D. D. factor approach
Explanation
All the components of the formula consist of expenditures of various agents of the economy — this is the expenditure approach.
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