National income accounting provides economists with a statistical summary of the transactions between residents of one country and residents of the rest of the world.

Question

Quizplus · Accepted Answer

National income accounting provides a statistical summary of a country's economic activity, including the total goods and services produced, incomes earned, and the level of investment and consumption, but it does not specifically focus on transactions between residents of one country and residents of the rest of the world; that aspect is covered by the balance of payments.

National Income Accounting Provides Economists with a Statistical Summary of the Transactions