Which of the following statement is correct related to the Output Method of National Income?
1
In this method, a country’s national income can be calculated by adding the output of all the firms in the economy to determine the nation’s output.
2
In this method, the national income is calculated by adding all the expenditures that are done for purchasing the national output.
3
It is a system for calculating gross domestic product (GDP) that combines consumption, investment, government spending, and net exports.
4
It is the most common way to estimate GDP.