The value of all final goods and services produced by the normal residents of a country and their property, whether operating within the domestic territory of the country or outside in a year is termed as

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Q: 96 (CDS-II/2014)
The value of all final goods and services produced by the normal residents of a country and their property, whether operating within the domestic territory of the country or outside in a year is termed as

question_subject: 

Economics

question_exam: 

CDS-II

stats: 

0,64,74,64,21,42,11

keywords: 

{'gross national income': [0, 0, 0, 1], 'net national income': [0, 0, 0, 1], 'gross domestic product': [0, 0, 1, 3], 'net domestic product': [0, 1, 2, 2], 'domestic territory': [0, 0, 0, 1], 'final goods': [0, 0, 1, 1], 'value': [0, 0, 1, 0], 'property': [15, 0, 8, 22], 'country': [27, 2, 36, 66], 'normal residents': [0, 0, 1, 1]}

The correct answer for this question is option 1: Gross National Income (GNI).

GNI is a measure that calculates the total value of all final goods and services produced by the normal residents of a country, regardless of their location (within the domestic territory or outside) in a specific time period, usually a year.

To understand this concept further, let`s break down the other options:

Option 2: Net National Income (NNI) is the GNI minus depreciation. It takes into account the wear and tear of capital goods during production.

Option 3: Gross Domestic Product (GDP) is the total value of all final goods and services produced within the domestic territory of a country in a specific time period. GDP does not include production by a country`s residents outside its territory.

Option 4: Net Domestic Product (NDP) is the GDP minus depreciation. It considers the depreciation of capital goods within a country.

Therefore, neither option 2, 3, nor 4 accurately defines the value of all final goods and services produced by the normal residents of a country, including production within the domestic territory and outside, which is represented by GNI.