Question

The measure of the total annual income received by residents of a nation is called _____.

Answer 1

Answer: The answer is GROSS NATIONAL INCOME

Explanation: Gross National Income (GNI) is the cummulative amount earned by individuals and businesses of a nation.It is a measure of the total annual income received by reaidents of a nation.

GNI is an alternative to Gross domestic product (GDP) as it sums up all income earned by residents of a nation removing the net income from abroad.

Answer 2

Answer: Gross National Income

Explanation:In a bid to measure and track the wealth of a nation, various economic terms are employed in keeping track of income generated by a nation from time to time usually on an annual basis. The Gross Domestic Product defines the value of all goods and services produced in a nation within a year. Hence, Gross Domestic Product(GDP) is concerned goods and services of domestic nature. The Gross National product(GNI) encompasses a nation's GDP and foreign revenue earned by nationals of a country.