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Q: Which of the following is correct regarding the National Income? I. Intermediate goods are not included in the calculation of national income. II. Final goods are included in the calculation of national income.
  • A. Only II
  • B. Neither I Nor II
  • C. Only I
  • D. Both I and II
Correct Answer: Option D - Regarding the National Income, both statement I and II is correct because intermediate goods are not included in the calculation of National Income. Final goods are included in the calculation of National Income. The total value of goods and services produced by a country in a financial year is known as the National Income of that country.
D. Regarding the National Income, both statement I and II is correct because intermediate goods are not included in the calculation of National Income. Final goods are included in the calculation of National Income. The total value of goods and services produced by a country in a financial year is known as the National Income of that country.

Explanations:

Regarding the National Income, both statement I and II is correct because intermediate goods are not included in the calculation of National Income. Final goods are included in the calculation of National Income. The total value of goods and services produced by a country in a financial year is known as the National Income of that country.