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Questions and Answers
What does National Income represent?
What does National Income represent?
- Value of luxury goods produced in the country
- Value of all final goods and services produced in a country in a year (correct)
- Value of goods and services consumed by the residents
- Value of raw materials imported by a country
Why is it important to compute National Income?
Why is it important to compute National Income?
- To calculate the total national debt of the country
- To assess the population growth rate
- To determine the economic accountability and responsibility (correct)
- To track the amount of money spent on imports
Which statement best describes National Income?
Which statement best describes National Income?
- It is the total amount of money spent by citizens in a year
- It is the total amount of money earned by the government in taxes
- It is the total value of all imported goods in a country
- It is the net amount of income earned by citizens through production in a year (correct)
What is the significance of understanding National Income?
What is the significance of understanding National Income?
How does National Income impact an economy?
How does National Income impact an economy?
What is the primary purpose of national income calculations according to the passage?
What is the primary purpose of national income calculations according to the passage?
What is the key difference between GDP and GNP according to the passage?
What is the key difference between GDP and GNP according to the passage?
According to the passage, which of the following is NOT a component of GDP?
According to the passage, which of the following is NOT a component of GDP?
Which of the following is a key use of national income data according to the passage?
Which of the following is a key use of national income data according to the passage?
According to the traditional definition of national income provided in the passage, what is the key factor that produces a country's annual net aggregate of commodities?
According to the traditional definition of national income provided in the passage, what is the key factor that produces a country's annual net aggregate of commodities?
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