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Question
National income is the sum of factor incomes accruing to : (Choose the correct alternative)
(a) Nationals
(b) Economic territory
(c) Residents
(d) Both residents and non-residents
Solution
The correct option is (c) National income is the total of factor incomes earned by normal residents of a country during an accounting year as rewards for rendering their factor services.
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RELATED QUESTIONS
C = 100 + 0.4 Y is the Consumption Function of an economy where C is Consumption Expenditure and Y is National Income. Investment expenditure is 1.100. Calculate
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| Group A | Group B | ||
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In crores |
| Consumption | 200 |
| Investment | 300 |
| Govt.Expenditure | 400 |
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| Net receipts | - 50 |
| Depreciation | 100 |
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