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Q.

Choose the given statement is True/False:

National income means the value of goods and services produced by a country during a financial year.

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a

True

b

False

answer is A.

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Detailed Solution

The given statement is true.
National income means the value of goods and services produced by a country during a financial year.
The value of the commodities and services a nation produces in a fiscal year is referred to as national income. As a result, it represents the sum of all economic activity carried out in a country over a year and is measured in monetary terms. It covers all payments made from salaries, rent, interest, and profits to all resources. A country's national income increase can be used to gauge its progress.

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Choose the given statement is True/False:National income means the value of goods and services produced by a country during a financial year.