Question : Which of the following is not included in domestic income?
Option 1: Income earned by the residents of the country
Option 2: Income earned by non-residents outside the country
Option 3: Income earned by all the employees of the country
Option 4: Profit of all the industries of the country
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Correct Answer: Income earned by non-residents outside the country
Solution : The correct option is Income earned by non-residents outside the country.
The income generated by non-residents in foreign countries is not accounted for nation's domestic income calculation. The Gross Domestic Product (GDP) represents the total value of goods and services produced within a country's borders during a specific period. Income earned by non-residents abroad is categorised as foreign income and is excluded from the domestic economy's GDP computation.
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