Economic Awareness - Sectors of Indian Economy
Which of the following is NOT included in the Income Method of National Income calculation?
Which of the following is NOT included in the Income Method of National Income calculation?
easy Q3 of 15
Step-by-Step Solution
Step 1: Recall Income Method components
The Income Method includes wages, rent, interest, profit, and mixed income.Step 2: Analyze transfer payments
Transfer payments are unilateral payments without any production and are excluded from National Income calculation.Final Answer:
Transfer payments made by the government → Option AQuick Check:
Income Method excludes = Transfer payments ✅
Quick Trick: Exclude transfer payments as they are not factor incomes.
Common Mistakes:
- Confusing transfer payments with profits or interest.
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