National Income Quiz

Which organization currently compiles and publishes data on national income in India?

• Reserve Bank of India (RBI)

• Central Statistical Office (CSO)

• Ministry of Finance

• National Sample Survey Office (NSSO)

Who was the first chairman of the National Income Committee (NIC) ?

• Prof. D. R. Gadgil

• Dr. V. K. R. V. Rao

• Prof. P. C. Mahalanobis

• Prof. A.C. Pigou

According to Prof. Irving Fisher, national income consists solely of:

• Goods

• Services

• Commodities

• Raw materials

Which of the following is not included in national income calculations to avoid double counting?

• Final goods

• Intermediate goods

• Services

• Exports

National income is always expressed with reference to a financial year in India from 1st April to 31st March.

• True

• False

Value of milk purchased by the dairy for resale will be added to the National Income.

• True

• False

The National Income Committee was appointed by the Government of India in (a)   .

National income is a (a)   concept as it represents income of the whole country and not just an individual.

Discuss the importance of excluding the value of intermediate goods in the calculation of national income.