The value of the vegetables a retired school teacher grows in his lawn is excluded from the calculation of national income because:

Related MCQs

• Which one of the following is not included while estimating national income through income method?
• National income accounting is the study of the income and expenditure of the entire -
• Net National Product in National Income Accounting refers to -
• The study of whole economic systems aggregating over the functioning of individual units. Specifically, it is study of national economies and the determination of national income. It is known as
• An Increase in national income because of an increase in price is called-
• Which law states that with constant taste and preferences, the proportion of income spend on food stuff diminishes as income increases?
• Which law of economics states that “with given preferences or tastes, the proportion of income spent on food diminishes as income increase”?
• Which one of the following is not a method of measurement of National Income?
• National Income is the -
• The method of calculating the national income by the product method is otherwise known as :