WAEC - Economics (2013 - No. 42)
Which of the following items is not included in measuring national income by the income approach?
Profits of companies
Rents on property
Student's grants and scholarships
Wages and salaries of public servants
Penjelasan
National income using the income approach is calculated as; National Income = Rent + Wages + Interest + Profit + Mixed-Income.
Student's grants and scholarships are not included in the calculation of national income