Question

Read the following graph and answer the questions:

1. Which country’s national income was highest in 2016 and was it how much?
2. Comparing India and Brazil, which country had a higher national income in 1980?
3. Comparing India and Brazil, which country had a higher income in 2016?
4. Tell the difference between the GNP of Brazil and India in 2016.
5. Calculate the difference between the national incomes of developed and developing countries in 2016.

Answer 1

a. National income is the money value of all the final goods and services produced within the domestic territory of the country during a particular period of time, generally within a year. In 2016, the national income of the US was the highest. It was nearly 1900 million US dollars.

b. National income is the money value of all the final goods and services produced within the domestic territory of the country during a particular period of time, generally within a year. In 1980, Brazil had a higher national income compared to India. The difference between their incomes is only negligible.

c. National income is the money value of all the final goods and services produced within the domestic territory of the country during a particular period of time, generally within a year. In 2016, India had a higher national income compared to Brazil. The national income of India has just crossed 200 million US dollars, while the national income of Brazil is reaching 200 million US dollars.

d. National income is the money value of all the final goods and services produced within the domestic territory of the country during a particular period of time, generally within a year. In 2016, India had a higher national income compared to Brazil. The national income of India has just crossed 200 million US dollars, while the national income of Brazil is reaching 200 million US dollars.

e. National income is the money value of all the final goods and services produced within the domestic territory of the country during a particular period of time, generally within a year. The US is a developed economy while both Brazil and India are developing countries. There is a huge gap between the national incomes of both developed and developing countries. In 2016, the US had a national income of nearly 1900 million US dollars, but the national income of India has just crossed 200 million US dollars. There exists a huge gap between the two amounting to about 1700 million US dollars.