Which of the following statement is not correct related to the National Income accounting?
1
It is a bookkeeping method used by governments to track the level of economic activity in their country through time.
2
After depreciation, the total worth of final products and services generated by normal residents throughout an accounting year is called the national income.
3
After depreciation, the total worth of final products and services generated inside a domestic area within an accounting year is called domestic income.
4
It does not give important information about how well an economy is performing and where money is created and spent.