The national income of the country is also known as ____.

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Detailed Solution

The national income of the country is also known as Gross Domestic Product. GDP, or Gross Domestic Product, refers to the final value of all goods and services produced in an economy in a financial year. Here, the value of intermediate goods is not taken into consideration. Final goods have crossed the value-adding stages and can be sold to the end customer. Total production is obtained by adding the value of final goods and services produced in each sector. The sum of production in all three industries gives the Gross Domestic Product, which the Central Statistics Office calculates.

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