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The national income consists of a collection of goods and services reduced to common basis by being measured in terms of money. Who says this? 
  • a)
    Samuelson     
  • b)
    Kuznets    
  • c)
    Hicks    
  • d)
    Pigou
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
The national income consists of a collection of goods and services red...
National income is measured by the output method by calculating the total value of goods and services produced in the country during the year. The money value of goods and services produced in an economy in an accounting year is called Gross National Product (GNP). It is defined by J. R. Hicks as “the collection of goods and services reduced to a common basis by being measured in terms of money.”
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The national income consists of a collection of goods and services red...
According to the given statement, "The national income consists of a collection of goods and services reduced to a common basis by being measured in terms of money," the person who said this is "C) Hicks."

Below is a detailed explanation of this answer:

Introduction:
The concept of national income refers to the total value of all goods and services produced within a country during a specific time period, usually a year. It provides an important measure of a country's economic performance and helps in analyzing its economic growth and development.

Explanation:
1. Sir John Richard Hicks:
Sir John Richard Hicks was a British economist who made significant contributions to the field of economics, particularly in the areas of welfare economics, microeconomics, and macroeconomics. He developed several economic theories and models that have had a lasting impact on the field.

2. National Income:
National income is the total value of goods and services produced by the residents of a country in a given time period. It includes all economic activities that generate income, such as manufacturing, agriculture, services, and trade. National income is an important indicator of a country's economic health and is used to measure and compare the economic performance of different countries.

3. Measuring National Income:
To measure national income accurately, it is necessary to reduce the diverse range of goods and services produced into a common unit of measurement. This is achieved by measuring them in terms of money. By assigning a monetary value to each good and service produced, it becomes possible to add them up and calculate the total national income. Money serves as a common denominator that allows for the aggregation and comparison of different economic activities.

Conclusion:
In conclusion, the statement that "The national income consists of a collection of goods and services reduced to a common basis by being measured in terms of money" was made by Sir John Richard Hicks, a renowned economist. This understanding is crucial in accurately measuring and analyzing a country's national income and its economic performance.
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Passage 1The classical realist theory of international relations has long dominated both academic institutions and the American government. Even at the birth of the nation, early political thinkers, such as Alexander Hamilton, promoted a realist view of international relations and sought to influence the actions of the government based on this perspective. While the classical realist school of international relations is not entirely homogeneous in nature, there are certain premises that all classical realists share.The primary principle underlying classical realism is a concern with issues of war and peace. Specifically, classical realists ask, what are the causes of war and what are the conditions of peace? The members of the classical realist school mainly attribute war and conflict to what is termed the security dilemma. In the absence ofany prevailing global authority, each nation is required to address its own security needs. However, each nations quest for security-through military buildups, alliances, or territorial defenses—necessarily unsettles other nations. These nations react to feelings of insecurity by engaging in their own aggressive actions, which leads other nations to react similarly, perpetuating the cycle.It is important to note that for realists, unlike idealists or liberal internationalists, international conflict is a necessary consequence of the structural anarchy that nations find themselves in. Whereas other schools may see international conflict as the result of evil dictators, historical chance, flawed socio political systems, or ignorance of world affairs, classical realists see war as the logical result of a system that by its nature lacks a true central authority.Hand in hand with this view of conflict as an inevitable condition of the global power structure is the realists view ofthe nation as a unitary actor. Because classical realists see international relations as a continuing struggle for dominance, the nation can not be viewed as a collection of individuals with disparate wants, goals, and ideologies. The realist view requires the formulation of a national interest, which in its simplest terms refers to the nations ability to survive, maintain its security, and achieve some level of power relative to its competitors.Realism is not without its critics, many of whom challenge the premise that war is the natural condition of international relations or that there can be a truly national interest. However, the realist school of international relations continues to shape foreign policy because ofthe successes it has had in describing real world interactions between nations.Q. According to the passage, the formation of a national interest serves what function in the classical realist theory of war and peace?

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The national income consists of a collection of goods and services reduced to common basis by being measured in terms of money. Who says this?a)Samuelson b)Kuznets c)Hicks d)PigouCorrect answer is option 'C'. Can you explain this answer?
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