It consists of repayments made to all sources through salaries, passion, rental fee as well as earnings. Ques 10 Given   the   following   data, find  the   values of ‘‘Gross  Domestic Capital Formation’’ and  ‘‘Operating Surplus’’. First, it measures the market value of annual output of goods and services currently produced. The total stock of money in circulation among the public at a particular point of time is called money supply. 5. Out of them, GS Paper-3 deals with Economy, Agriculture, Environment, Disaster management, science technology and security. State any two approaches to correct the problem of double counting. Then, the gross product is found out by adding up the net values of all the production that has taken place in these sectors during a given year.In order to arrive at the net value of production of a given industry, intermediate goods purchase by the producers of this industry is deducted from the gross value of production of that industry. Factor cost is the input cost that producer has to incur in the process of production. Profit: The income accruing to the entrepreneur for his entrepreneurial services to the production units. National income is the total value a country’s final output of all new goods and services produced in one year. Ques 7 State whether the following statements are true or false. and are called Gross Domestic Fixed Capital Formation (GDFCF). 2. National Income - Economics, UPSC, IAS UPSC Notes | EduRev chapter (including extra questions, long questions, short questions, mcq) can be found on EduRev, you can check M1, M2, M3 and M4.M1=CU+DDM2=M1+saving deposits with Post Office saving banksM3=M1+Net time deposits of commercial banksM4=M3+Total deposits with Post office saving organisation (excluding National saving Certificates)Where,     CU=currency with public                 DD= Net Demand deposits held by commercial banksWhich among these options represents the broad money? First we need to explain what NI is, how computing NI is useful for economies and finally it expects us to bring out how the three main methods of computing NI. Save my name, email, and website in this browser for the next time I comment. (b)   The weights of representative goods are constant in GDP Deflator– but they differ according to production level of each good in CPI. UPSC. 2. Support your answer with reason. GK, General Studies, Optional notes for UPSC, IAS, Banking, Civil Services. Apply Online @cg.health.nic.in for 300 Vacancies, Details Here, IOCL Apprentice Recruitment 2020, 482 Vacancies for Apprentices/JEA in Pipeline Division, Application Starts from 4 Nov @iocl.com, Bihar Forest Recruitment 2020: List of Candidates Released for Modification in Application Forms @csbc.bih.nic.in for 720 Forester and Forest Guard Posts. As per the 1999-2000 Budget estimates which tax was estimated to yield the maximum revenue ? Net National Product at factor cost is called the National Income of a country. Some of these difficulties or problems are discuss below: The first problem relates to the treatment of non-monetary transactions such as the services of housewives and farm output consumed at home. Choose the false statement among the following statements:(a)   Consumer Price Index (CPI) is the index of prices of a given basket of commodities which are bought by the representative consumer. your solution of National Income - Economics, UPSC, IAS UPSC Notes | EduRev search giving you solved answers for the same. The normal wear and tear of any machine/equipment is called consumption of fixed capital (depreciation). : wheat purchased by a flour mill. (a) 1 and 2 only  (b) 2 and 3only  (c) 1, 2 and 3  (d) 1 and 3 onlyAnswer .c2. Value added at factor cost (NVAfc) = NVAmp – Indirect taxes + Subsidies. Looking to earn some money? Discuss with reason. Net National Product (NNP) at Factor Cost (National Income): NNP at factor cost or National Income is the sum of wages, rent, interest and profits paid to factors for their contribution to the production of goods and services in a year. As per the Government estimates,approximately how many persons are living below the poverty line in rural areas (in millions)? Give valid reason in support of your answer. Thus, the national income is found by adding up the following types of expenditure by households, private business enterprises and the government: DIFFICULTIES IN THE MEASUREMENT OF NATIONAL INCOMEThere are many difficulties in measuring national income of a country accurately. The NVAfc is distributed among the owners of the four factor of production. The total stock of money in circulation among the public at a particular point of time is called money supply. Rent: accrues to the owners of land for the use of their land for production of goods and services. Some of the most standard identities used are GDP, GNP, National Income, etc. Subscribe to receive posts in your mailbox! GDFC is gross because the consumption of fixed capital not been deducted from it. However, residents get factor payment from both the economic territory units and foreign territory units. An individual may receive income partly from farm ownership, partly from manual work in industry in the slack season, etc. b) The given statement is false, because recovery of loans is a capital receipt. Consider the following statements:   1. 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