What does national income represent at its core?

The total population of a country.

The total assets owned by a country.

The net outcome of a country's economic endeavors over a specific period.

The total government expenditure of a country.

What criticism did the Traditional Definition of national income face?

It focused too much on intangible goods.

It faced challenges in accurately estimating diverse goods and services.

According to Simon Kuznets, what is national income?

The total value of goods and services produced within a country's borders.

The net output of commodities and services reaching consumers within a year.

The income earned by a nation's government.

The income earned by foreign residents working in a country.

What is the difference between market price and factor cost in GDP calculation?

Market price includes indirect taxes, while factor cost excludes them.

Market price excludes direct taxes, while factor cost includes them.

Market price excludes depreciation, while factor cost includes it.

Market price includes both direct and indirect taxes.

What does Net Domestic Product (NDP) account for in its calculation?

Depreciation or wear and tear of capital assets

What is the key difference between NNP at Market Price and NNP at Factor Cost?

NNP at Market Price includes indirect taxes, while NNP at Factor Cost excludes them.

NNP at Market Price includes depreciation, while NNP at Factor Cost excludes it.

NNP at Market Price considers foreign income, while NNP at Factor Cost does not.

NNP at Market Price is always higher than NNP at Factor Cost.

Why is national income considered a pivotal economic measure?

It determines a nation's total population.

It reflects a country's total assets.

It provides a comprehensive understanding of a country's economic activities and progress.

It measures a country's military strength.

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