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 ____.

National income is 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.