National income can be estimated with the help of:
Product method
Incorrect AnswerIncome method
Incorrect AnswerExpenditure method
Incorrect AnswerAll of the above
Correct AnswerExplanation:
The Product Method: In this method, all goods and services produced during the year in various industries are added up. This is also known as value-added to GDP or GDP at the sector of origin's cost factor.
The Income Method: The sum of all factor incomes is GDP by revenue method: wages and salaries (employee compensation) + rent + interest + benefit.
Expenditure Method: This approach focuses on products and services generated during one year within the region.GDP is subtracted from the portion of consumption, investment, and government spending expended on imports. Likewise, all manufactured components, such as raw materials used in the manufacture of products for sale, are also exempt.
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