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Adjusting for Inflation

Are the follo...

Question

Are the following statements true or false? Give reasons.
Production of services for self-consumption are not included in national income.

A

True

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B

False

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Solution

The correct option is A True
Such services are not included in national income as It is difficult to ascertain their market value and they are not rendered for earning income.

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Q. Are the following statements true or false? Give reasons.
Goods produced for self-consumption will be included in national income.

Q. Are the following statements true or false? Give reasons.
Free samples distributed by a business enterprise for advertisement will not be included in national income.

Q. Give reason or explain the following statements:

1) Income from second hand sale of goods is excluded from national income.
2) National income at factor cost includes subsidy.
3) National income estimates are accurate in India.
4) Old age pension is transfer income.
5) Paid services are included in national income.

Q. State whether the following statements are true or false.

1) National income is computed every year.
2) Inclusion of value of intermediate goods leads to double counting.
3) GDP includes net income from abroad.
4) Financial year in India is leap year.
5) Services of housewives are included in national income.

Own account production of services is not included in national income because:

A .Services are different from goods

B. Services are not productive

C. It is difficult to measure market value of such services

D. None of these

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