Consider the following statement with respect to National Income
1. GDP Deflator measures the inflation to track the price change in the economy through any specific basket of goods and services.
2. One of the biggest disadvantage of GDP is it does not take the informal sector into account.
3. National Income = GDP - depreciation+ Indirect taxes -Subsidies
Which of the above-mentioned statements is/are incorrect?
1
Only 2
2
Only 1
3
Only 1 and 3
4
Only 1 and 2