Question : Which of the following is correct regarding Private Income?
Option 1: Private Income = Factor income from net domestic product accruing to the private sector + National debt interest – Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world
Option 2: Private Income = Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income from abroad – Current transfers from government + Other net transfers from the rest of the world
Option 3: Private Income = Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world
Option 4: Private Income = Factor income from net domestic product accruing to the private sector - National debt interest + Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world
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Correct Answer: Private Income = Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world
Solution : The correct answer is Private Income = Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world.
The national income of a country comprises factor income from net domestic product, representing earnings from domestic production excluding government, and foreign sectors. National debt interest is the interest paid on the total government debt. Net factor income from abroad reflects the difference between residents' foreign investments and income earned by foreign residents. Current transfers from the government include non-repayable benefits. Other net transfers from the rest of the world encompass additional non-repayable inflows, such as gifts or grants.
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