Consider the following statements regarding National Income:
1. It is the total value of final goods and services produced by the normal residents during an accounting year, after adjusting depreciation.
2. It includes taxes, depreciation, and non-factor inputs (raw materials).
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2