Question
Economics Question on Income and Expenditure Account
Consider the following as steps in the estimation of National Income of an economy by product value added method. Arrange them in proper sequence.
A) Add net factor income from abroad (NFIA).
B) Calculate cost of secondary inputs of all the sectors.
C) Determine Net Value added at factor cost.
D) Determine Gross Value Added.
E) Calculate value of output of all the sectors.
Choose the correct answer from the options given below:
A
E, D, B, C, A
B
E, B, D, C, A
C
E, D, B, A, C
D
E, C, B, D, A
Answer
E, B, D, C, A
Explanation
Solution
The correct option is (B): E, B, D, C, A