Question : Which of the following is not included in domestic income?
Option 1: Income earned by the residents of the country
Option 2: Income earned by non-residents outside the country
Option 3: Income earned by all the employees of the country
Option 4: Profit of all the industries of the country
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Correct Answer: Income earned by non-residents outside the country
Solution : The correct option is Income earned by non-residents outside the country.
The income generated by non-residents in foreign countries is not accounted for nation's domestic income calculation. The Gross Domestic Product (GDP) represents the total value of goods and services produced within a country's borders during a specific period. Income earned by non-residents abroad is categorised as foreign income and is excluded from the domestic economy's GDP computation.
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Question : In calculating National Income which of the following is included?
Option 1: Services of housewives
Option 2: Pensions
Option 3: Income of smugglers
Option 4: Income of watchmen
Question : A sold an article to B at 25% profit, and B further sold it to C by earning a certain profit. If the cost price for C is 30% more than the cost price for A, find the profit percentage earned by B.
Option 1: $5\frac{1}{2}\%$
Option 2: $4\%$
Option 3: $5\%$
Option 4: $4\frac{1}{2}\%$
Question : Gross National Product - Depreciation Allowance = ?
Option 1: Per capita Income
Option 2: Gross Domestic Product
Option 3: Pesonal Income
Option 4: Net National Product
Question : Which of the following was not advocated by Mahatma Gandhi?
Option 1: Prohibition
Option 2: Heavy industries
Option 3: Village Panchayat
Option 4: Dignity of Labour
Question : An individual's actual standard of living can be assessed by
Option 1: Gross National Income
Option 2: Net National Income
Option 3: Per Capita Income
Option 4: Disposable Personal Income
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