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Commerce Exam  >  Commerce Questions  >  The income level of residents in a country is... Start Learning for Free
The income level of residents in a country is indicated by _______.
  • a)
    gross national income
  • b)
    gross domestic product
  • c)
    per capita gross national income
  • d)
    per capita gross domestic product
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
The income level of residents in a country is indicated by _______.a)g...
Understanding Per Capita Gross National Income
Per capita gross national income (GNI) is a vital economic indicator that reflects the average income earned by a country's residents. It serves as a key measure for assessing the income level of individuals within a nation. Here’s why it is the correct answer:
Definition of Per Capita GNI
- Per capita GNI is the total GNI of a country divided by its population.
- This measurement provides an average income figure, allowing for a clearer understanding of the economic well-being of the average resident.
Importance of Per Capita GNI
- Standardized Comparison: It enables comparison of income levels between different countries, regardless of population size.
- Economic Health Indicator: A higher per capita GNI typically indicates a higher standard of living and economic prosperity.
How it Differs from Other Indicators
- Gross National Income (GNI): Represents the total income of a nation, including income from abroad, but does not account for population size.
- Gross Domestic Product (GDP): Measures the total economic output within a country's borders, but like GNI, it does not consider population.
- Per Capita GDP: Similar to per capita GNI, but focuses on the domestic production aspect.
Conclusion
In summary, per capita gross national income is a crucial metric for evaluating the income level of residents in a country. It provides insight into individual economic conditions and allows for effective comparisons across different nations, making it the preferred choice among the given options.
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Direction: Read the below case and answer the questions that follow:The country’s real gross domestic product (GDP) is likely to expand by 11 percent in the next financial year due to a faster economic recovery and on a low base, says a report. The report by domestic rating agency Brickwork Ratings said economic activities are slowly reaching Pre-COVID levels following the relaxation of the lockdown, except in sectors that remain affected by social distancing norms.“With progress in developing an effective vaccine for COVID-19 and signals of faster-than-expected recovery in the domestic economy, and also supported by a low base, we expect the real GDP to grow at 11 percent in F/Y 22, from the estimated contraction of 7 percent to 7.5 percent in F/Y 21,” the agency said.According to the first advance estimates of national income released by the National Statistical Office (NSO), the country’s GDP is estimated to contract by a record 7.7 percent during the current financial year.Real GDP is when the goods and services are produced by all producing units in the domestic territory of a country during an accounting year and valued at ___________ prices or constant price.

Direction: Read the below case and answer the questions that follow:The country’s real gross domestic product (GDP) is likely to expand by 11 percent in the next financial year due to a faster economic recovery and on a low base, says a report. The report by domestic rating agency Brickwork Ratings said economic activities are slowly reaching Pre-COVID levels following the relaxation of the lockdown, except in sectors that remain affected by social distancing norms.“With progress in developing an effective vaccine for COVID-19 and signals of faster-than-expected recovery in the domestic economy, and also supported by a low base, we expect the real GDP to grow at 11 percent in F/Y 22, from the estimated contraction of 7 percent to 7.5 percent in F/Y 21,” the agency said.According to the first advance estimates of national income released by the National Statistical Office (NSO), the country’s GDP is estimated to contract by a record 7.7 percent during the current financial year.Choose one of the correct alternatives given below:Assertion (

Direction: Read the below case and answer the questions that follow:The country’s real gross domestic product (GDP) is likely to expand by 11 percent in the next financial year due to a faster economic recovery and on a low base, says a report. The report by domestic rating agency Brickwork Ratings said economic activities are slowly reaching Pre-COVID levels following the relaxation of the lockdown, except in sectors that remain affected by social distancing norms.“With progress in developing an effective vaccine for COVID-19 and signals of faster-than-expected recovery in the domestic economy, and also supported by a low base, we expect the real GDP to grow at 11 percent in F/Y 22, from the estimated contraction of 7 percent to 7.5 percent in F/Y 21,” the agency said.According to the first advance estimates of national income released by the National Statistical Office (NSO), the country’s GDP is estimated to contract by a record 7.7 percent during the current financial year.Assertion (

Direction: Read the below case and answer the questions that follow:The country’s real gross domestic product (GDP) is likely to expand by 11 percent in the next financial year due to a faster economic recovery and on a low base, says a report. The report by domestic rating agency Brickwork Ratings said economic activities are slowly reaching Pre-COVID levels following the relaxation of the lockdown, except in sectors that remain affected by social distancing norms.“With progress in developing an effective vaccine for COVID-19 and signals of faster-than-expected recovery in the domestic economy, and also supported by a low base, we expect the real GDP to grow at 11 percent in F/Y 22, from the estimated contraction of 7 percent to 7.5 percent in F/Y 21,” the agency said.According to the first advance estimates of national income released by the National Statistical Office (NSO), the country’s GDP is estimated to contract by a record 7.7 percent during the current financial year.What will be the growth rate of GDP according to the NSO?

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The income level of residents in a country is indicated by _______.a)gross national incomeb)gross domestic productc)per capita gross national incomed)per capita gross domestic productCorrect answer is option 'C'. Can you explain this answer?
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