GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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total revenue of the State
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production of goods and services
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net profit earned and expenditure made by the State
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the sum of all factions of income
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Detailed explanation-1: -National Income is defined as the total monetary value of all goods and services produced within a country during a given period of time. It is an important indicator of the economic activities that are taking place within a nation.
Detailed explanation-2: -National Income is the aggregate value of all goods and services produced by firms in a given financial year.
Detailed explanation-3: -It includes payments like “salary, rent, commission, interest, profits", etc. National income can be calculated by only taking finished goods or rendered services to avoid omission and double counting.
Detailed explanation-4: -Gross National Income (GNI) is the total amount of money earned by a nation’s people and businesses. It is used to measure and track a nation’s wealth from year to year. The number includes the nation’s gross domestic product (GDP) plus the income it receives from overseas sources.