In calculating National Income which of the following is included? (1) Services of housewives (2) Pensions (3) Income of smugglers (4) Income of watchmen

1 Answer

Answer :

(4) Income of watchmen Explanation: National Income is defined as the sum total of all the goods and services produced in a country, in a particular period of time. Normally this period consists of one year duration, as a year is neither too short nor long a period. National product is usually used synonymous with National income.

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Description : In calculating National Income which of the following is included ? (1) Services of housewives (2) Pensions (3) Income of smugglers (4) Income of watchmen 

Last Answer : Income of watchmen

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Last Answer : (4) Services of nightwatchmen Explanation: National income is the total value a country's final output of all new goods and services produced in one year. Services provided by housewives, ... smugglers and services of sadhus can be categorized as noneconomic services and thus cannot be accounted.

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Last Answer : (d) Both (b) and (c)

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Last Answer : (4) Net output method Explanation: Primarily there are three methods of measuring national income. Which method is to be employed depends on the availability of data and purpose. The methods ... account. In this method, National Output = National Expenditure (Aggregate Demand) = National Income.

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Last Answer : (4) All the above Explanation: Transfer payment refers to a payment made by a public authority other than one made in exchange for goods or service produced. Transfer payments are ... income. Examples include Old age pensions, unemployment compensations, social security payments and child benefit.

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Last Answer : All the above

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Description : The sum total of incomes received for the services of labour, land or capital in a country is called (1) Gross domestic product (2) National income (3) Gross domestic income (4) Gross national income

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