Net National Income (NNI) is calculated by subtracting depreciation from Gross National Income (GNI), reflecting the income available for consumption and investment.

Nominal GDP refers to GDP measured at current prices, without adjusting for inflation.

Per capita income is calculated by dividing the total national income by the population, providing an average income per person.

'Per capita' means income per person, providing a measure of average economic output or income.

Gross Domestic Product (GDP) measures the total value of all final goods and services produced within a country's borders in a specific time period.

National income refers to the total income earned by a country's residents, including wages, profits, rents, and taxes, minus subsidies.

Real GDP is adjusted for inflation, while nominal GDP is measured at current prices without such adjustments.

The primary purpose of measuring national income is to assess economic growth over time.

National income can be calculated using various methods, including the production method, income method, and expenditure method.

All of the above components—investment, net exports, and consumption—are part of the expenditure approach to calculating GDP.

Consumer spending is a component of national income as it reflects the total expenditure on goods and services in the economy.

All of the above—wages, rent, and profits—are components of the income approach to calculating GDP.

A limitation of GDP is that it does not account for income inequality, which can provide a misleading picture of economic well-being.

National income statistics often do not account for income inequality, which can mask disparities in wealth distribution within a country.

All of the above methods—income approach, expenditure approach, and production approach—can be used to calculate national income.

Used car sales are not included in GDP calculations as they do not represent new production.

Government transfer payments, such as social security or unemployment benefits, are not included in national income as they do not reflect the production of goods and services.