4 Questions
Which organization calculates the national income in India?
Central Statistical Organization
What is the purpose of national income?
To maximize the national welfare of the people
How is national income defined?
The total value of all goods and services produced by a country in a year
What does national income provide a basis for?
Formulating economic policies
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.
Test your knowledge on national income and its significance in the economy. This quiz will cover topics such as the definition of national income, its calculation, and its role in government policy-making. Challenge yourself and see how well you understand this important economic concept.
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