The national income consists of a collec...

The national income consists of a collection of goods and services reduced to common basis by being measured in terms of money. - Who says this?

Samuelson

Kuznets

Hicks

Pigou

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Kuznets

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The value of goods and services in terms of money is

In terms of economics, the total value of the output (goods and services) produced and income received in a year by a domestic residents of a country put together is called :

In India, the National Income is measured on the basis of

'Grahak Shakti', an N.G.O. organised a workshop to discuss various issues relating to consumers. During the discussion, one of the members drew attention towards exploitation of consumers due to defective and unsafe products, adulteration, black marketing , hoarding etc. To this another member argued that consumers themselves are responsible as they do not raise collective voice aginst the exploitation. The Chairperson of the organization was of the opinion that it was also the duty of the businessman to take care of the interests of various stakeholders. Business organizations earn money by selling goods and services to consumers . So the interests of the stakeholders have to be well taken care of . State three points that highlight the need for consumer protection as discussed in 'Grahak Shakti's workshop.

In each of the questions an inference is given in bold which is then followed by three paragraphs. You have to find the paragraphs(s) from where it is inferred. Choose the option with the best possible outcome as your choice. Country's enonomic standard can be best adjudged by per capital income. Exports and imports, a swelling favourable balance of trade, investments and bank-balances, are not an index or a balance sheet of national prosperity. Till the begining of the Second World War, English exports were noticeably the greater than what they are today. And yet it England had greater national prospery today than it ever had. Because the income of average Englishmen, working as field and factory labourers, clerks, policemen, petty shopkeepers and shop assistants, domestic workers and other low-paid workers, has gone up. It is possible that while per capita real income is increasing per capita consumption of goods and services might be falling. This happens when the Govt. might itsef be using up the increased income for massive military buildup necessitating heavy production of arms and ammuntions. A rise in national income may occur as a result of increased spending on items such as defence. National income often rises in time of war, or the threat of war, because money is spent on weapons. This will push up GNP, but the people may be acutely short of goods to buy.

The national income consists of a collection of goods and services reduced to common basis by being measured in terms of money. - Who says this?

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