Which term is used for the total net value of all goods and services produced in a country in specified period of time ?
Correct answer: A. National income
- A. National income
- B. Public income
- C. Local income
- D. Gross income
Explanation
National income broadly measures the net value of goods and services produced by a country during a given period. Strictly, national-income accounting distinguishes it from gross domestic product, but national income is the only suitable option given.
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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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