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National Income is the Sum of Factor Incomes Accruing to : (Choose the Correct Alternative) - Economics

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National income is the sum of factor incomes accruing to : (Choose the correct alternative)

(a) Nationals

(b) Economic territory

(c) Residents

(d) Both residents and non-residents

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Solution

The correct option is (c) National income is the total of factor incomes earned by normal residents of a country during an accounting year as rewards for rendering their factor services.

Concept: Concept of National Income
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