Consider the following statements regarding measuring the National Income:
1. The product method emphasises on net value added by components in production.
2. Imputed rent of self-occupied houses is not included in the national income.
3. Tax on lotteries and gifts are not included as a part of national income for a year.
Which of the statements given above is/are not correct?
1
2 only
2
1 and 3 only
3
2 and 3 only
4
1, 2 and 3