Question: What is national income?

Options:

1. The total income earned by a country\'s residents
2. The total value of goods produced in a country
3. The total amount of money in circulation
4. The total tax revenue collected by the government

Correct Answer: The total income earned by a country\'s residents

Solution:

National income refers to the total income earned by a country\'s residents, including wages, profits, rents, and taxes, minus subsidies.