National Income Quiz

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Questions and Answers

Which organization calculates the national income in India?

  • United Nations
  • Central Statistical Organization (correct)
  • World Bank
  • International Monetary Fund

What is the purpose of national income?

  • To maximize the national welfare of the people (correct)
  • To calculate GDP growth rate
  • To measure the inflation rate
  • To determine the poverty rate

How is national income defined?

  • The total value of all goods and services imported by a country in a year
  • The total value of all goods and services produced by a country in a year (correct)
  • The total value of all goods and services exported by a country in a year
  • The total value of all goods and services consumed by a country in a year

What does national income provide a basis for?

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Flashcards

Central Statistical Organization

Calculates the national income in India.

Purpose of national income

To maximize the overall well-being and prosperity of the nation's population.

National income

The monetary value of all final goods and services produced within a country's borders during a specific period, typically one year.

National income: basis for

Provides essential data for governments and economists to create effective economic strategies and plans.

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Study Notes

National Income in India

  • The Central Statistical Organisation (CSO) calculates the national income in India.

Purpose of National Income

  • The purpose of national income is to measure the total value of goods and services produced within an economy during a specific period of time.

Definition of National Income

  • National income is defined as the total value of all final goods and services produced within an economy during a specific period of time, usually a year.

Significance of National Income

  • National income provides a basis for measuring the performance of an economy, calculating the gross domestic product (GDP), and determining the per capita income.

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