National is the sum of wages (and other labor compensation), rent, interest, and profits.

What is national income?. Explain its concepts

National income is:(a) Stock (b) Flow(C) Static concept (d) None of the above

Aspects considered in National Income:(a) Final goods and services are included in national income.(b) Produced goods in a financial year are included in national income.(c) Double counting is avoided.(d) Value is considered as per market price.Options:(1) a and c(2) b and c(3) a, c and d(4) a, b, c, and d

Foreign payments to capital, labor, and land owned by domestic entities minus payments to factor service imports equals:[Hint: see page 6 of lecture 5A]Group of answer choicesthe trade balance.the net unilateral transfers.the difference between gross national income and gross national expenditure.the difference between gross national income and gross domestic product.

Gross national income (GNI) is defined as:Group of answer choicesThe total income of all locally-owned businesses plus income earned by foreign employeesThe country's total earnings from exports and mining.The total income from all final products of the national economy plus income earned by nationals from overseas investmentsThe total income of all foreign-owned business in the country, minus the value of their imports