UPSC CDS GS Economy Questions Part 2

The value of all the final goods and services produced by the normal residents of a country and their property, whether operating within the domestic territory of the country or outside in a year, is termed as Gross National Income (GNI). GNI is the total domestic and foreign output claimed by the residents of a country, consisting of gross domestic product (GDP), plus factor incomes earned by the foreign residents minus the income earned in the domestic economy by the non-residents. GNI = GDP+ Money flowing from the foreign countries – Money flowing to the foreign countries.