Consider the following statements:
1. National Disposable Income gives us an idea of what is the minimum amount of goods and services the domestic economy has at its disposal.
2. Market price is the price of the commodity from the producer's side.
3. When base year price is used for calculating National Income, this is called Nominal income.
4. The GDP deflator is the ratio of Nominal GDP to Real GDP.
Which of the above statements is/ are correct?
1
1 and 4
2
3 and 4
3
2 and 3
4
4 Only