GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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National Income means the total amount of money Govt. earns only through direct tax collections every year
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It is the total value of all sorts of stocks held by a country at a particular point of time
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This is the measure of the volume of commodities and services turned out during a given period counted without duplication
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None of these
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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: -Simon Kuznets defines national income as “the net output of commodities and services flowing during the year from the country’s productive system in the hands of the ultimate consumers.”
Detailed explanation-3: -Net national income at factor cost is called National Income.
Detailed explanation-4: -The national income of India is the sum total of income everyone earns in India. GDP, GNP are also parts of this national income. GDP is the gross domestic products while GNP is a gross national product.