Question

Choose the correct statement

1. income methods sums up all forms of income earned by individuals who are involved in the production of goods and services.
   
2. There are several methods to calculate National income or GDP.
   
3. The Modern concept of GDP was first developed by Simon Kuznets in 1934.
   
4. The annual GDP of financial year 2017-18 will include only the goods and services produced during that financial year.

Options

• (i), (ii), (iv) are correct

• (i), (ii), (iii) are correct

• (i), (ii), (iii) and (iv) are correct

• (i), (iii), (iv) are correct

Answer 1

(i), (iii), (iv) are correct