The sum of total income received for the services of labor, land or capital in a country is called?
Correct answer: B. National income
- A. Gross domestic product
- B. National income
- C. Gross domestic income
- D. Gross national income
Explanation
National income is the total factor income earned from labour, land and capital, usually measured as net national product at factor cost. GDP and GDI are broader domestic measures and do not specifically identify national factor income.
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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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