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SSC Exam  >  SSC Questions  >   The national income of a nation is the-a)Gov... Start Learning for Free
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The national income of a nation is the-
  • a)
    Government's annual revenue
  • b)
    Sum total of factor incomes
  • c)
    Surplus of public sector enterprises
  • d)
    Exports minus imports
Correct answer is option 'B'. Can you explain this answer?
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The national income of a nation is the-a)Government's annual revenueb...
National income is the total value of a country's final output of all new goods and services produced in one year. Understanding how national income is created is the starting point for macroeconomics.
Hence, the correct option is (b).
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The national income of a nation is the-a)Government's annual revenueb...
National Income of a Nation
National income is the sum total of all factor incomes generated within a country's borders in a given period of time. It is an important indicator of a nation's economic performance and overall well-being.

Factors Contributing to National Income
- Wages and Salaries: This includes the income earned by individuals through their employment.
- Profits: Income earned by businesses after deducting expenses from revenue.
- Interest: Income earned by individuals or businesses from lending money.
- Rent: Income earned by individuals or businesses from leasing out property.

Calculation of National Income
National income is calculated by adding up all these factor incomes generated by labor, capital, and land within a country's borders in a specific time period. It is a comprehensive measure of a nation's economic activity and prosperity.

Significance of National Income
- It helps in assessing the overall economic health of a nation.
- It provides a basis for comparing the economic performance of different countries.
- It serves as a key input for policy-making and economic planning.

Conclusion
In conclusion, the national income of a nation is not the government's annual revenue, surplus of public sector enterprises, or exports minus imports. Instead, it is the sum total of factor incomes generated within a country's borders, which is a crucial indicator of its economic well-being.
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The national income of a nation is the-a)Government's annual revenueb)Sum total of factor incomesc)Surplus of public sector enterprisesd)Exports minus importsCorrect answer is option 'B'. Can you explain this answer?
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