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Understanding National Income

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Questions and Answers

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?

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?

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?

To assess a country's economic performance Signup and view all the answers

How does National Income impact an economy?

It reflects the overall health and wealth of an economy Signup and view all the answers

What is the primary purpose of national income calculations according to the passage?

To provide a basis for the government to formulate policies and programs to maximize national welfare Signup and view all the answers

What is the key difference between GDP and GNP according to the passage?

GDP includes net income received from abroad, while GNP excludes this Signup and view all the answers

According to the passage, which of the following is NOT a component of GDP?

Consumer goods and services Signup and view all the answers

Which of the following is a key use of national income data according to the passage?

Formulating anti-inflationary and deflationary policies Signup and view all the answers

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?

The labor and capital of a country Signup and view all the answers