Question

5) Aspects considered in National Income :
a) Final goods and services are included in
national income.
b) Produced goods and services in a financial year
are included in national income.
c) Double counting is avoided.
d) Value is considered as per market price.
Options :
1) a and c
2) b and c
3) a, b and d
4) a, b, c and d​

Answer 1

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4)a,b,c and d

Answer 2

1. a and c - Aspects considered in National Income are – the final goods and services included in national income and prohibition of double counting.

Explanation:

National income accounts for the total of money earned in a country within a financial year. It involves all activities taking place in the economy that drives revenue generation.

It includes payments like "salary, rent, commission, interest, profits", etc. National income can be calculated by only taking finished goods or rendered services to avoid omission and double counting.