8 Questions
Which component of national income includes the value of all goods and services produced by a country's residents, regardless of their location?
Gross National Product (GNP)
Which of the following factors is NOT considered in the calculation of national income?
Foreign aid
What is the primary measure of a country's national income?
Gross Domestic Product (GDP)
In the context of national income, which term refers to the total income earned by individuals and businesses before deducting depreciation and other non-cash expenses?
Gross Income
Gross domestic product (GDP) and gross national product (GNP) are the primary measures of a country's national income.
False
The value of all goods and services produced by a country's residents, regardless of their location, is included in the calculation of national income.
True
Depreciation and other non-cash expenses are not deducted from the total income earned by individuals and businesses when calculating national income.
False
The calculation of national income does not consider factors such as imports, government spending, and private consumption.
False
Test your knowledge about the primary measure of a country's national income, components of national income, and factors considered in its calculation. Explore concepts related to total income earned by individuals and businesses in the context of national income.
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