National Income is essentially composed of ?
Correct answer: C. All income of the people on a year
- A. All wealth of a nation
- B. Annual Income of the central government
- C. All income of the people on a year
- D. Income derived from taxes by the central government
Explanation
National income is the total income earned by a country's people or factors of production during a year. It is not the government's tax income or the nation's entire stock of wealth.
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About Macroeconomics
The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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