Question : Which of the following is NOT considered a normal resident when calculating national income?
Option 1: A foreign diplomat residing in the country
Option 2: An international student studying in the country
Option 3: A citizen living abroad temporarily for work
Option 4: A foreign worker permanently settled in the country
Correct Answer: A foreign diplomat residing in the country
Solution : The correct answer is (a) A foreign diplomat residing in the country
Foreign diplomats residing in a country are typically considered non-residents for the purpose of calculating national income. Diplomats usually enjoy diplomatic immunity and are not subject to the same tax and regulatory frameworks as normal residents. As a result, their income is not included in the calculation of national income.
Question : When calculating national income, which of the following is considered part of the domestic territory?
Question : ____________________ is the money value of final goods and services produced by normal resident of a country in an year, measured at the prices of current year.
Question : The total value of goods and services produced in a country during a given period is
Question : Which of the following represents the income earned by foreign factors of production located within a country?
Question : Net National Product of a country is:
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