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Which of the following is included in the concept of National Income?
  • a)
    Gross Domestic Product (GDP) at factor cost.
  • b)
    Total savings of households.
  • c)
    Value of intermediate goods.
  • d)
    Net factor income from abroad.
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Which of the following is included in the concept of National Income?a...
The correct answer is Option A. Gross Domestic Product (GDP) at factor cost is included in the concept of National Income. It refers to the total value of earnings received by all factors of production within the domestic territory, including compensation of employees, operating surplus, and mixed income.
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Which of the following is included in the concept of National Income?a)Gross Domestic Product (GDP) at factor cost.b)Total savings of households.c)Value of intermediate goods.d)Net factor income from abroad.Correct answer is option 'A'. Can you explain this answer?
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