gs1medium

The National Income of a country for a given period is equal to the:

  1. A.Total value of goods and services produced by the nationals.
  2. B.Sum of total consumption and investment expenditure.
  3. C.Sum of personal income of all individuals.
  4. D.Money value of final goods and services produced.
▶ Answer & Explanation

Correct answer: D. Money value of final goods and services produced.

National income is the aggregate of the money value of all final goods and services produced within a country during a specific period, usually a year. It represents the total output of the economy and is calculated using various methods like the product, income, or expenditure approach, ensuring no double counting.

Source: UPSC gs1 2013

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