Solved: What are main types of income included in national income, Macroeconomics

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What are main types of income included in national income

Problem

1. What are the main types of income included in national income? Why doesn't national income equal GDP?

2. How do macroeconomists distinguish between nominal and real values of variables? Does nominal GDP or real GDP provide a better picture of changes in economic activity and economic well-being? Why?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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