National Income

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

  1. Net National Income
  2. Net Domestic Product
  3. Gross National Income
  4. Gross Domestic Product

Answer

The gross national income (GNI) is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP) plus factor incomes earned by foreign residents, minus income earned in the domestic economy by nonresidents.

The correct option is C.