WAEC - Economics (2018 - No. 29)
in a country with large population of full-time housewives, national income
will be composed of goods produced by women
figures will be grossly over-stated
statistics will be difficult to calculate
figures will be grossly under-stated
Explanation
National income of a country can be defined as the total market value of all final goods and services produced in the economy in a year.
the income of a housewife is not counted in the National Income or the Gross National Product of the country. This will make the national income under stated