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The national income of a country for a given period is equal to the
[2013]
  • a)
    total value of goods and services produced by the nationals
  • b)
    Sum of total consumption and investment expenditure
  • c)
    Sum of personal income of all individuals
  • d)
    money value of final goods and services produced
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
The national income of a country for a given period is equal to the[20...
The correct answer is the total value of goods and services produced by the nationals.
  • National Income is the total monetary value of goods and services produced within the territory of the country in a given period of time.
  • National Income = C+I+G+ (X-M)
Here, 
stands for Consumption
I stands for Total Investment
stands for Total Government Expenditure
stands for Export
stands for Import
  • S. No.Methods of calculating National IncomeMeaning1Income MethodIt is measured by adding four factors of production i.e. land, labour, capital, and entrepreneurship.2Production MethodIt is also known as Value Added Method. In this national income is measured on the value of intermediate goods and final goods.3Expenditure MethodIt is also known as Income Disposal Method. In this method, national income is measured by taking the final expenditure incurred by all sectors of the economy.
Additional Information
  • Dadabhai Naroji was the first to estimate the National Income in the year 1867-68.
  • V.K.R.V Rao is known as the father of National Income in India. He introduced the first scientific estimate of national income in the year 1931-32. 
  • National Income Committee under the chairmanship of P.C Mahalanobis was appointed by the Government of India in 1949
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The national income of a country for a given period is equal to the[2013]a)total value of goods and services produced by the nationalsb)Sum of total consumption and investment expenditurec)Sum of personal income of all individualsd)money value of final goods and services producedCorrect answer is option 'D'. Can you explain this answer?
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The national income of a country for a given period is equal to the[2013]a)total value of goods and services produced by the nationalsb)Sum of total consumption and investment expenditurec)Sum of personal income of all individualsd)money value of final goods and services producedCorrect answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about The national income of a country for a given period is equal to the[2013]a)total value of goods and services produced by the nationalsb)Sum of total consumption and investment expenditurec)Sum of personal income of all individualsd)money value of final goods and services producedCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The national income of a country for a given period is equal to the[2013]a)total value of goods and services produced by the nationalsb)Sum of total consumption and investment expenditurec)Sum of personal income of all individualsd)money value of final goods and services producedCorrect answer is option 'D'. Can you explain this answer?.
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