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

This question was previously asked in
SSC CGL 2022 Tier-I Official Paper (Held On : 06 Dec 2022 Shift 1)
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  1. It is a macroeconomic concept.
  2. It is a flow concept.
  3. It is always expressed with reference to the financial year.
  4. It is included only in intermediate goods.

Answer (Detailed Solution Below)

Option 4 : It is included only in intermediate goods.
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Detailed Solution

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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.
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