Give reasons explain how the following are treated while estimating na

1.	Give reasons explain how the following are treated while estimating national income :
Answer» (i) Payment of fees to a lawyer engaged by a firm: Not included as it is intermediate consumption. It is services used in production (ii) Rent free house to an employee by an employer: Included as it is wages & salaries in kind form. (iii) Purchase by foreign tourists: Included as it is export, & value of net export is included in GDP.

Give reasons explain how the following are treated while estimating national income :

Answer»

(i) Payment of fees to a lawyer engaged by a firm: Not included as it is intermediate consumption. It is services used in production

(ii) Rent free house to an employee by an employer: Included as it is wages & salaries in kind form.

(iii) Purchase by foreign tourists: Included as it is export, & value of net export is included in GDP.

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Give reasons explain how the following are treated while estimating national income :

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