Which of the following is the definition of national income (NI)? A. The amount

Question

Which of the following is the definition of national income (NI)?

A. The amount of income that households receive before paying taxes.The amount of income that households receive before paying taxes.

B. The market value of all goods and services produced and sold.The market value of all goods and services produced and sold.

C. Personal income after personal income taxes have been paid.Personal income after personal income taxes have been paid.

D. The total of all factor payments to resource owners.The total of all factor payments to resource owners.

Explanation / Answer

Ans-B. The market value of all goods and services produced and sold.

Explanation-National income is the total value a country’s final output of all new goods and services produced in one year.

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