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  • Practice Paper For National Income Chapters

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    Yash Jain
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    1. National income is a method of calculating the total income generated within a country in a given period, usually a year. It includes GDP plus investment income from abroad. 2. GDP is measured at current prices and constant prices. Current price GDP reflects market value in current dollars, while constant price GDP removes inflation to compare value over time. 3. Domestic product is the goods and services produced within a country's borders, including value added through production but excluding depreciation. It is a component of national income. 4. Estimating national income by the income method can be difficult due to interdependence between sectors of the economy and international transactions.

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    1. National income is a method of calculating the total income generated within a country in a given period, usually a year. It includes GDP plus investment income from abroad. 2. GDP is measured at current prices and constant prices. Current price GDP reflects market value in current dollars, while constant price GDP removes inflation to compare value over time. 3. Domestic product is the goods and services produced within a country's borders, including value added through production but excluding depreciation. It is a component of national income. 4. Estimating national income by the income method can be difficult due to interdependence between sectors of the economy and international transactions.

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    8 views2 pages

    Practice Paper For National Income Chapters

    Uploaded by

    Yash Jain
    1. National income is a method of calculating the total income generated within a country in a given period, usually a year. It includes GDP plus investment income from abroad. 2. GDP is measured at current prices and constant prices. Current price GDP reflects market value in current dollars, while constant price GDP removes inflation to compare value over time. 3. Domestic product is the goods and services produced within a country's borders, including value added through production but excluding depreciation. It is a component of national income. 4. Estimating national income by the income method can be difficult due to interdependence between sectors of the economy and international transactions.

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    of 2

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