Question : Which of the following is correct regarding Private Income?
Option 1: Private Income = Factor income from net domestic product accruing to the private sector + National debt interest – Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world
Option 2: Private Income = Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income from abroad – Current transfers from government + Other net transfers from the rest of the world
Option 3: Private Income = Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world
Option 4: Private Income = Factor income from net domestic product accruing to the private sector - National debt interest + Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world
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Correct Answer: Private Income = Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world
Solution : The correct answer is Private Income = Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world.
The national income of a country comprises factor income from net domestic product, representing earnings from domestic production excluding government, and foreign sectors. National debt interest is the interest paid on the total government debt. Net factor income from abroad reflects the difference between residents' foreign investments and income earned by foreign residents. Current transfers from the government include non-repayable benefits. Other net transfers from the rest of the world encompass additional non-repayable inflows, such as gifts or grants.
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Question : Net domestic product is calculated as_______.
Option 1: Gross Domestic Product (GDP) - Depreciation
Option 2: Gross National Product (GNP) - Depreciation
Option 3: Gross Domestic Product (GDP) - Net income earned from abroad
Option 4: Gross National Product (GNP) - Net income earned from abroad
Question : The personal income of households can be calculated in which of the following ways?
Option 1: National income + Undistributed profits – Net interest payments – Corporate tax + Transfer payments from the government and firms.
Option 2: National income – Undistributed profits – Net interest payments – Corporate tax + Transfer payments from the government and firms.
Option 3: National income – Undistributed profits + Net interest payments – Corporate tax –Transfer payments from the government and firms.
Option 4: National income – Undistributed profits – Net interest payments – Corporate tax –Transfer payments from the government and firms.
Question : Which of these expressions is correct?
Option 1: If the factor income from abroad is greater than the factor income paid abroad, then the Gross National Product (GNP) would be greater than the Gross Domestic Product (GDP).
Option 2: If the factor income from abroad is greater than the factor income paid abroad, then the GNP would be lower than the GDP.
Option 3: If the factor income earned from abroad is less than the factor income paid abroad, then the GNP would be greater than the GDP.
Option 4: If the net factor income from abroad is negative, then the GNP would be greater than the GDP.
Question : The income of Indians working abroad is a part of the:
Option 1: domestic income of India
Option 2: income earned from abroad
Option 3: net domestic product of India
Option 4: gross domestic product of India
Question : Gross Domestic Product less Depreciation is________.
Option 1: Gross Domestic Investment
Option 2: Net National Product
Option 3: Gross National Product
Option 4: Net Domestic Product
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