Question : Which of the following is not a component of national income?
Option 1: Compensation of employees
Option 2: Operating surplus
Option 3: Taxes on production and imports
Option 4: Net exports
Answer (1)
21st Jan, 2024
Correct Answer: Taxes on production and imports
Solution : The correct answer is c) Taxes on production and imports.
The components of national income, which are used to calculate Gross Domestic Product (GDP)
Taxes on production and imports are not considered a component of national income. Taxes on production and imports, such as sales taxes or value-added taxes, are treated as part of the cost of production or consumption and are not included as a separate component of national income.
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