{"id":1993,"date":"2024-03-31T00:32:44","date_gmt":"2024-03-30T19:02:44","guid":{"rendered":"https:\/\/lotusarise.com\/qna\/?p=1993"},"modified":"2024-04-03T07:00:55","modified_gmt":"2024-04-03T01:30:55","slug":"q-the-national-income-of-a-country-for-a-given-period-is-equal-to-the","status":"publish","type":"post","link":"https:\/\/lotusarise.com\/qna\/upsc\/q-the-national-income-of-a-country-for-a-given-period-is-equal-to-the","title":{"rendered":"Q.\u00a0The national income of a country for a given period is equal to the"},"content":{"rendered":"\n<ul class=\"mcq wp-block-list\">\n<li>total value of goods and services produced by the nationals<\/li>\n\n\n\n<li>sum of total expenditure<\/li>\n\n\n\n<li>sum of personal income of all individuals<\/li>\n\n\n\n<li>money value of final goods and services produced<\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>Answer: (d) money value of final goods and services produced<\/strong><\/p>\n<\/blockquote>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"notes-hd-660843a9a7e31\">Notes:<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It refers to the&nbsp;<strong>aggregate value of all the final goods and services produced in a country<\/strong>&nbsp;in a particular period of time (usually one financial year).<\/li>\n\n\n\n<li><strong>National Income = C + I + G + (X \u2013 M)<\/strong>\n<ul class=\"wp-block-list\">\n<li>Where,\n<ul class=\"wp-block-list\">\n<li>C = Total Consumption Expenditure<\/li>\n\n\n\n<li>I = Total Investment Expenditure<\/li>\n\n\n\n<li>G = Total Government Expenditure<\/li>\n\n\n\n<li>X = Export, M = Import<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>It can be measured by Gross National Product (GNP), Gross Domestic Product (GDP), Gross National Income (GNI), Net National Product (NNP), Net National Income (NNI) and Per-Capita Income (PCI).<\/li>\n\n\n\n<li><strong>National income= NNP&nbsp;<sub>@Market price<\/sub>&nbsp;\u2013 indirect tax + subsidies.<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>NNP&nbsp;<sub>@Market price<\/sub>&nbsp;= GNP \u2013 Depreciation<\/strong><\/li>\n\n\n\n<li><strong>GNP=GDP + Net factor income from abroad.<\/strong><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>It should be noted that national income is not the sum of all incomes earned by all citizens, but only those incomes which accrue due to participation in the production process.\n<ul class=\"wp-block-list\">\n<li>Individuals participate in the production process by supplying factors of production which they possess.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Answer: (d) money value of final goods and services produced Notes:<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[1,3],"tags":[38],"years":[60],"class_list":["post-1993","post","type-post","status-publish","format-standard","hentry","category-upsc","category-prelims","tag-indian-economy","years-60"],"acf":[],"taxonomy_info":{"category":[{"value":1,"label":"UPSC"},{"value":3,"label":"Prelims"}],"post_tag":[{"value":38,"label":"Indian 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