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The income of a country means
- a)cash receipts from exports
- b)income earned by residents of a country, from outside the domestic territory
- c)the income of non-residents of that country
- d)the total value of goods and services produced
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
The income of a country meansa)cash receipts from exportsb)income earn...
Income of a country means the total value of goods and services produced in a year by the residents of a country under consideration. National income is measured by NNP at factor cost.
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The income of a country meansa)cash receipts from exportsb)income earn...
Definition of National Income
National income refers to the total monetary value of all final goods and services produced within a country's borders in a specific time period, typically a year. It is a crucial measure of a nation's economic performance.
Why Option D is Correct
- Total Value of Goods and Services: National income encompasses the complete production output of a country, reflecting the economic activities within its territory. This includes goods like cars and services like healthcare.
- Measurement of Economic Health: By calculating the total value of production, national income serves as an indicator of economic health. A higher national income usually indicates a more prosperous economy.
- Excludes Non-Residents: Unlike the income earned by non-residents (option c), national income focuses exclusively on production that occurs domestically, thus excluding foreign income.
Why Other Options are Incorrect
- Option A: Cash Receipts from Exports: While exports contribute to national income, they do not represent the total economic output. This option overlooks domestic production.
- Option B: Income Earned by Residents from Abroad: This refers to personal income and does not account for the overall economic activity within the country. National income is concerned only with domestic production.
- Option C: Income of Non-Residents: This option is irrelevant as it pertains to income generated outside the country's economic activities, which is not included in national income.
Conclusion
In summary, option D accurately defines national income as it encompasses the total value of goods and services produced within a country, making it a vital measure for assessing economic performance.
National income refers to the total monetary value of all final goods and services produced within a country's borders in a specific time period, typically a year. It is a crucial measure of a nation's economic performance.
Why Option D is Correct
- Total Value of Goods and Services: National income encompasses the complete production output of a country, reflecting the economic activities within its territory. This includes goods like cars and services like healthcare.
- Measurement of Economic Health: By calculating the total value of production, national income serves as an indicator of economic health. A higher national income usually indicates a more prosperous economy.
- Excludes Non-Residents: Unlike the income earned by non-residents (option c), national income focuses exclusively on production that occurs domestically, thus excluding foreign income.
Why Other Options are Incorrect
- Option A: Cash Receipts from Exports: While exports contribute to national income, they do not represent the total economic output. This option overlooks domestic production.
- Option B: Income Earned by Residents from Abroad: This refers to personal income and does not account for the overall economic activity within the country. National income is concerned only with domestic production.
- Option C: Income of Non-Residents: This option is irrelevant as it pertains to income generated outside the country's economic activities, which is not included in national income.
Conclusion
In summary, option D accurately defines national income as it encompasses the total value of goods and services produced within a country, making it a vital measure for assessing economic performance.
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The income of a country meansa)cash receipts from exportsb)income earned by residents of a country, from outside the domestic territoryc)the income of non-residents of that countryd)the total value of goods and services producedCorrect answer is option 'D'. Can you explain this answer? for Class 10 2025 is part of Class 10 preparation. The Question and answers have been prepared according to the Class 10 exam syllabus. Information about The income of a country meansa)cash receipts from exportsb)income earned by residents of a country, from outside the domestic territoryc)the income of non-residents of that countryd)the total value of goods and services producedCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Class 10 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The income of a country meansa)cash receipts from exportsb)income earned by residents of a country, from outside the domestic territoryc)the income of non-residents of that countryd)the total value of goods and services producedCorrect answer is option 'D'. Can you explain this answer?.
The income of a country meansa)cash receipts from exportsb)income earned by residents of a country, from outside the domestic territoryc)the income of non-residents of that countryd)the total value of goods and services producedCorrect answer is option 'D'. Can you explain this answer? for Class 10 2025 is part of Class 10 preparation. The Question and answers have been prepared according to the Class 10 exam syllabus. Information about The income of a country meansa)cash receipts from exportsb)income earned by residents of a country, from outside the domestic territoryc)the income of non-residents of that countryd)the total value of goods and services producedCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Class 10 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The income of a country meansa)cash receipts from exportsb)income earned by residents of a country, from outside the domestic territoryc)the income of non-residents of that countryd)the total value of goods and services producedCorrect answer is option 'D'. Can you explain this answer?.
Solutions for The income of a country meansa)cash receipts from exportsb)income earned by residents of a country, from outside the domestic territoryc)the income of non-residents of that countryd)the total value of goods and services producedCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for Class 10.
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