Which of the following is NOT a feature of National Income?

Question

Question

This question was previously asked in

SSC CGL 2022 Tier-I Official Paper (Held On : 06 Dec 2022 Shift 1)

Answer 1

The correct answer is It is included only in intermediate goods.

Key Points:

The following are the main characteristics of national income:
- Macroeconomic concepts include national income.
- Taking into account the monetary value of goods and services is national income.
- An extended period of time is used to measure national income.
- Considerations for national income include the net total values of products and services.
- National income solely takes into account the value of final items to prevent double counting.
When calculating national income, the value of intermediate items is not taken into account.
Net factor income from abroad is included in national income (NFIA).

Additional Information:

In the simplest terms, national income refers to a country's riches.
The value of the commodities and services generated in an economy serves as a gauge of its prosperity.
It represents the overall monetary worth of the commodities and services that a country produces in the course of a fiscal year.
Rent, wages, profits, and interests are a few examples of payments that can be paid to different kinds of resources.
The idea of national income is under the ambit of macroeconomics.