Question
Download Solution PDFWhich of the following is NOT a feature of National Income?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is It is included only in intermediate goods.
Key Points:
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The following are the main characteristics of national income:
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Macroeconomic concepts include national income.
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Taking into account the monetary value of goods and services is national income.
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An extended period of time is used to measure national income.
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Considerations for national income include the net total values of products and services.
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National income solely takes into account the value of final items to prevent double counting.
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When calculating national income, the value of intermediate items is not taken into account.
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Net factor income from abroad is included in national income (NFIA).
- In the simplest terms, national income refers to a country's riches.
- The value of the commodities and services generated in an economy serves as a gauge of its prosperity.
- It represents the overall monetary worth of the commodities and services that a country produces in the course of a fiscal year.
- Rent, wages, profits, and interests are a few examples of payments that can be paid to different kinds of resources.
- The idea of national income is under the ambit of macroeconomics.
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