Question

The total value of all goods and services produced in a year in a country is called ___________.

• A. national pricing
  
• B. national budget
• C. national education
  
• D. national income

Answer 1

Answer: (D)

national income

• National income is an uncertain term which is used interchangeably with national dividend, national output and national expenditure. On this basis, national income has been defined in a number of ways. In common parlance, national income means the total value of goods and services produced annually in a country.
• In other words, the total amount of income accruing to a country from economic activities in a year’s time is known as national income. It includes payments made to all resources in the form of wages, interest, rent and profits.