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Identify the correct statements from the following:
A. Fees to a mechanic paid by a firm is not included in the estimation of national income
B. Income tax paid by an indiv idual is not included in national income
C. Interest paid by a garment manufacture on a loan taken from bank is included in national income
D. Payment of old age pension will not be included in national income as it is a transfer payment
E. Insurance premium paid by household to an insurance company is not included in the estimation of national income
Choose the correct answer from the options given below:
A. Fees to a mechanic paid by a firm is not included in the estimation of national income
B. Income tax paid by an indiv idual is not included in national income
C. Interest paid by a garment manufacture on a loan taken from bank is included in national income
D. Payment of old age pension will not be included in national income as it is a transfer payment
E. Insurance premium paid by household to an insurance company is not included in the estimation of national income
Choose the correct answer from the options given below:
- a)A, D, E only
- b)A, B, C, D only
- c)A, B, E only
- d)B, D, E only
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Identify the correct statements from the following:A. Fees to a mechan...
The correct answer is B: A, B, C, D only.
- A. Fees to a mechanic paid by a firm is not included in the estimation of national income
Correct. The fees paid to a mechanic is considered an intermediate expense, and intermediate expenses are not included in national income calculation. - B. Income tax paid by an individual is not included in national income
Correct. Income tax is a transfer payment from individuals to the government and is not a part of national income calculation. - C. Interest paid by a garment manufacturer on a loan taken from a bank is included in national income
Correct. Interest paid by a firm is considered a part of the factor income as it is a payment to the owners of financial capital. Therefore, it is included in the national income. - D. Payment of old age pension will not be included in national income as it is a transfer paymen
Correct. Old age pension is a transfer payment from the government to individuals and is not included in national income calculation. - E. Insurance premium paid by a household to an insurance company is not included in the estimation of national income
Incorrect. Insurance premium is considered a part of the factor income as it is a payment for insurance services. It is included in the national income estimation.
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Community Answer
Identify the correct statements from the following:A. Fees to a mechan...
Statement A: Fees to a mechanic paid by a firm is not included in the estimation of national income.
This statement is incorrect. Fees paid to a mechanic by a firm is considered as a part of the firm's production cost. Therefore, it is included in the estimation of national income as a part of the firm's expenses.
Statement B: Income tax paid by an individual is not included in national income.
This statement is correct. Income tax paid by an individual is not a part of the national income as it is a transfer payment. Transfer payments refer to the redistribution of income from one individual or group to another without any corresponding production of goods or services.
Statement C: Interest paid by a garment manufacturer on a loan taken from a bank is included in national income.
This statement is incorrect. Interest paid by a garment manufacturer on a loan is considered as an expense for the firm. It is not included in the estimation of national income as it is not a part of the production of goods or services.
Statement D: Payment of old age pension will not be included in national income as it is a transfer payment.
This statement is correct. Payment of old age pension is considered as a transfer payment and is not included in the estimation of national income. Transfer payments do not involve the production of goods or services and therefore, do not contribute to national income.
Statement E: Insurance premium paid by a household to an insurance company is not included in the estimation of national income.
This statement is correct. Insurance premium paid by a household is not considered as a part of national income as it is a transfer payment. It represents a redistribution of income rather than the production of goods or services.
Therefore, the correct statements from the given options are B) A, B, D only.
This statement is incorrect. Fees paid to a mechanic by a firm is considered as a part of the firm's production cost. Therefore, it is included in the estimation of national income as a part of the firm's expenses.
Statement B: Income tax paid by an individual is not included in national income.
This statement is correct. Income tax paid by an individual is not a part of the national income as it is a transfer payment. Transfer payments refer to the redistribution of income from one individual or group to another without any corresponding production of goods or services.
Statement C: Interest paid by a garment manufacturer on a loan taken from a bank is included in national income.
This statement is incorrect. Interest paid by a garment manufacturer on a loan is considered as an expense for the firm. It is not included in the estimation of national income as it is not a part of the production of goods or services.
Statement D: Payment of old age pension will not be included in national income as it is a transfer payment.
This statement is correct. Payment of old age pension is considered as a transfer payment and is not included in the estimation of national income. Transfer payments do not involve the production of goods or services and therefore, do not contribute to national income.
Statement E: Insurance premium paid by a household to an insurance company is not included in the estimation of national income.
This statement is correct. Insurance premium paid by a household is not considered as a part of national income as it is a transfer payment. It represents a redistribution of income rather than the production of goods or services.
Therefore, the correct statements from the given options are B) A, B, D only.
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Identify the correct statements from the following:A. Fees to a mechanic paid by a firm is not included in the estimation of national incomeB. Income tax paid by an indiv idual is not included in national incomeC. Interest paid by a garment manufacture on a loan taken from bank is included in national incomeD. Payment of old age pension will not be included in national income as it is a transfer paymentE. Insurance premium paid by household to an insurance company is not included in the estimation of national incomeChoose the correct answer from the options given below:a)A, D, E onlyb)A, B, C, D onlyc)A, B, E onlyd)B, D, E onlyCorrect answer is option 'B'. Can you explain this answer?
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Identify the correct statements from the following:A. Fees to a mechanic paid by a firm is not included in the estimation of national incomeB. Income tax paid by an indiv idual is not included in national incomeC. Interest paid by a garment manufacture on a loan taken from bank is included in national incomeD. Payment of old age pension will not be included in national income as it is a transfer paymentE. Insurance premium paid by household to an insurance company is not included in the estimation of national incomeChoose the correct answer from the options given below:a)A, D, E onlyb)A, B, C, D onlyc)A, B, E onlyd)B, D, E onlyCorrect answer is option 'B'. Can you explain this answer? for Humanities/Arts 2024 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about Identify the correct statements from the following:A. Fees to a mechanic paid by a firm is not included in the estimation of national incomeB. Income tax paid by an indiv idual is not included in national incomeC. Interest paid by a garment manufacture on a loan taken from bank is included in national incomeD. Payment of old age pension will not be included in national income as it is a transfer paymentE. Insurance premium paid by household to an insurance company is not included in the estimation of national incomeChoose the correct answer from the options given below:a)A, D, E onlyb)A, B, C, D onlyc)A, B, E onlyd)B, D, E onlyCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Identify the correct statements from the following:A. Fees to a mechanic paid by a firm is not included in the estimation of national incomeB. Income tax paid by an indiv idual is not included in national incomeC. Interest paid by a garment manufacture on a loan taken from bank is included in national incomeD. Payment of old age pension will not be included in national income as it is a transfer paymentE. Insurance premium paid by household to an insurance company is not included in the estimation of national incomeChoose the correct answer from the options given below:a)A, D, E onlyb)A, B, C, D onlyc)A, B, E onlyd)B, D, E onlyCorrect answer is option 'B'. Can you explain this answer?.
Identify the correct statements from the following:A. Fees to a mechanic paid by a firm is not included in the estimation of national incomeB. Income tax paid by an indiv idual is not included in national incomeC. Interest paid by a garment manufacture on a loan taken from bank is included in national incomeD. Payment of old age pension will not be included in national income as it is a transfer paymentE. Insurance premium paid by household to an insurance company is not included in the estimation of national incomeChoose the correct answer from the options given below:a)A, D, E onlyb)A, B, C, D onlyc)A, B, E onlyd)B, D, E onlyCorrect answer is option 'B'. Can you explain this answer? for Humanities/Arts 2024 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about Identify the correct statements from the following:A. Fees to a mechanic paid by a firm is not included in the estimation of national incomeB. Income tax paid by an indiv idual is not included in national incomeC. Interest paid by a garment manufacture on a loan taken from bank is included in national incomeD. Payment of old age pension will not be included in national income as it is a transfer paymentE. Insurance premium paid by household to an insurance company is not included in the estimation of national incomeChoose the correct answer from the options given below:a)A, D, E onlyb)A, B, C, D onlyc)A, B, E onlyd)B, D, E onlyCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Identify the correct statements from the following:A. Fees to a mechanic paid by a firm is not included in the estimation of national incomeB. Income tax paid by an indiv idual is not included in national incomeC. Interest paid by a garment manufacture on a loan taken from bank is included in national incomeD. Payment of old age pension will not be included in national income as it is a transfer paymentE. Insurance premium paid by household to an insurance company is not included in the estimation of national incomeChoose the correct answer from the options given below:a)A, D, E onlyb)A, B, C, D onlyc)A, B, E onlyd)B, D, E onlyCorrect answer is option 'B'. Can you explain this answer?.
Solutions for Identify the correct statements from the following:A. Fees to a mechanic paid by a firm is not included in the estimation of national incomeB. Income tax paid by an indiv idual is not included in national incomeC. Interest paid by a garment manufacture on a loan taken from bank is included in national incomeD. Payment of old age pension will not be included in national income as it is a transfer paymentE. Insurance premium paid by household to an insurance company is not included in the estimation of national incomeChoose the correct answer from the options given below:a)A, D, E onlyb)A, B, C, D onlyc)A, B, E onlyd)B, D, E onlyCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Humanities/Arts.
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Here you can find the meaning of Identify the correct statements from the following:A. Fees to a mechanic paid by a firm is not included in the estimation of national incomeB. Income tax paid by an indiv idual is not included in national incomeC. Interest paid by a garment manufacture on a loan taken from bank is included in national incomeD. Payment of old age pension will not be included in national income as it is a transfer paymentE. Insurance premium paid by household to an insurance company is not included in the estimation of national incomeChoose the correct answer from the options given below:a)A, D, E onlyb)A, B, C, D onlyc)A, B, E onlyd)B, D, E onlyCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Identify the correct statements from the following:A. Fees to a mechanic paid by a firm is not included in the estimation of national incomeB. Income tax paid by an indiv idual is not included in national incomeC. Interest paid by a garment manufacture on a loan taken from bank is included in national incomeD. Payment of old age pension will not be included in national income as it is a transfer paymentE. Insurance premium paid by household to an insurance company is not included in the estimation of national incomeChoose the correct answer from the options given below:a)A, D, E onlyb)A, B, C, D onlyc)A, B, E onlyd)B, D, E onlyCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for Identify the correct statements from the following:A. Fees to a mechanic paid by a firm is not included in the estimation of national incomeB. Income tax paid by an indiv idual is not included in national incomeC. Interest paid by a garment manufacture on a loan taken from bank is included in national incomeD. Payment of old age pension will not be included in national income as it is a transfer paymentE. Insurance premium paid by household to an insurance company is not included in the estimation of national incomeChoose the correct answer from the options given below:a)A, D, E onlyb)A, B, C, D onlyc)A, B, E onlyd)B, D, E onlyCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of Identify the correct statements from the following:A. Fees to a mechanic paid by a firm is not included in the estimation of national incomeB. Income tax paid by an indiv idual is not included in national incomeC. Interest paid by a garment manufacture on a loan taken from bank is included in national incomeD. Payment of old age pension will not be included in national income as it is a transfer paymentE. Insurance premium paid by household to an insurance company is not included in the estimation of national incomeChoose the correct answer from the options given below:a)A, D, E onlyb)A, B, C, D onlyc)A, B, E onlyd)B, D, E onlyCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Identify the correct statements from the following:A. Fees to a mechanic paid by a firm is not included in the estimation of national incomeB. Income tax paid by an indiv idual is not included in national incomeC. Interest paid by a garment manufacture on a loan taken from bank is included in national incomeD. Payment of old age pension will not be included in national income as it is a transfer paymentE. Insurance premium paid by household to an insurance company is not included in the estimation of national incomeChoose the correct answer from the options given below:a)A, D, E onlyb)A, B, C, D onlyc)A, B, E onlyd)B, D, E onlyCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice Humanities/Arts tests.
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