Economics · National Income Accounting
With reference to the calculation of National Income, consider the following statements: Statement I: The value of goods and services produced by the Government is an integral part of the Gross National Product (GNP). Statement II: GNP is calculated by subtracting net exports from the total domestic production. Which of the following is correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both Statement I and Statement II are incorrect
- 2Both Statement I and Statement II are correct
- 3Statement I is incorrect and Statement II is correct
- 4Statement I is correct and Statement II is incorrect✓
Correct answer
Statement I is correct and Statement II is incorrect
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