Consider the following statements regarding the measurement of National Income:
1. Through the Income Method, National income is calculated by measuring the levels of income, rent, interest & profits by the factors of production.
2. While measuring the national income by Product Method, Consumption of raw materials is also included in the output of the enterprise.
3. The retirement pension is not included in the measurement of National Income.
Which of the statements given above is/are correct?
1
1 and 2 only
2
1 and 3 only
3
2 and 3 only
4
1, 2 and 3