The sum of total of incomes received for the services of labour, land or capital in a country is called _______.

Gross domestic product

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National income

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Gross domestic income

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Gross national income

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Solution

The correct option is C Gross domestic income
The gross domestic income is the total income earned by the county in one year, it is calculated as the sum of consumption, investment, government spending and net exports.

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Similar questions

Q. Domestic Income of a country can be more than its National Income.

Q. Mention the situations in which following equations will hold true:
(i) Value of Output is equal to Value Added.
(ii) National income at Current Price

=

National income at Constant Price
(iii) Gross domestic capital formation

=

Gross domestic fixed capital formation
(iv) Operating Surplus

=

Rent

+

Royalty

+

Profit

Q. Calculate (a) Domestic Income; (b) National Income

Particulars	Rs. in crores
(i) GDP at MP (ii) Indirect Taxes (iii) Factor income from abroad (iv) Consumption of Fixed Capital (v) Factor income to abroad (vi) Subsidies	70,150 5,200 800 3,100 300 4,000

Calculate gross domestic product at factor cost and factor income to abroad:

$\begin{matrix} (1) Compensation of employees & 800 (2) Profits & 200 (3) Dividends & 50 (4) GNP at MP & 1400 (5) Rent & 150 (6) Interest & 100 (7) Gross domestic capital formation & 300 (8) Net fixed capital formation & 200 (9) Change in stock & 50 (10) Factor income from abroad & 60 (11) NIT & 120 \end{matrix}$

Which of the following will be included in national income?

(a) Production of services for self-consumption

(b) Vegetables grown in the kitchen garden

(d) Stock of raw material left last year

(a) Why are pensions included in national income but not old age pensions ?

(b) Calculate gross domestic product at market price using production method and income method:

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The sum of total of incomes received for the services of labour, land or capital in a country is called _______.

The correct option is C Gross domestic incomeThe gross domestic income is the total income earned by the county in one year, it is calculated as the sum of consumption, investment, government spending and net exports.

The correct option is C Gross domestic income
The gross domestic income is the total income earned by the county in one year, it is calculated as the sum of consumption, investment, government spending and net exports.