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Which of the following best describes the definition of National Income?

1. The total income earned by residents of a country.
2. The total value of all goods produced within a country's borders during a specific time
3. The sum of all taxes collected by the government in a specific time
4. The total value of imports and exports in a country's economy

Correct answer: The total income earned by residents of a country.

Solution

National income refers to the total income earned by the residents of a country during a given period. It is not the same as GDP, which measures output within a country's borders. Hence, the first option is correct.

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