Final answer:
National income statistics are useful in measuring economic performance, evaluating policies, making informed decisions, and assessing competitiveness in the global market.
Step-by-step explanation:
National income statistics are useful in a variety of ways. They provide valuable information about the overall economic performance and productivity of a country. They can be used to measure the standard of living, track economic growth, analyze income distribution, and assess the impact of government policies on the economy.
For example, national income statistics such as Gross Domestic Product (GDP) can help policymakers evaluate the effectiveness of fiscal and monetary policies in promoting economic growth and reducing unemployment rates. They can also be utilized by businesses, investors, and researchers to make informed decisions about market opportunities, investment strategies, and economic trends.
In addition, national income statistics contribute to international comparisons and trade negotiations. They provide a basis for assessing the economic strength and competitiveness of a country in the global market.