Multiple choice

National Income is

  1. Net National Product at market price

  2. Net National Product at factor cost

  3. Net Domestic Product at market price

  4. Net Domestic Product at factor cost
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

National Income is the money value of all final goods and services produced in an economy during a financial year. At the level of an economy, value of final goods and services is equal to the total income of all factors of production viz. labour, capital, land and entrepreneurship.

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