If a farmer sells wheat to miller for Rs. 500 and miller sells flour to baker for Rs. 700 and baker sells bread to the consumer for Rs. 1000, then total value added by miller and baker is:

Match List-I with List-II

Choose the correct answer from the options given below:

Arrange the following steps in calculation of national income, by income method in correct sequence.

(A) Add net factor income from abroad to arrive at national income.

(B) Estimate the factor income paid by each sector.

(C) Identify and classify the income generating units.

(D) Calculating domestic factor income.

Choose the correct answer from the options given below:

Which of the following transaction is not included in national income?

Which of the following is considered as an intermediate good ?

A farmer producing cotton sells it to a spinning mill where it transforms into yarn; the yarn is, in turn, sold to a textile mill where, it transforms into cloth; the cloth is, in turn, transforms into an article of clothing which is then ready to be sold finally to the consumers for final use.

Based on the above example, while calculating Domestic Income in the economy, we will only include the article of clothing and ignore cotton produced by the farmer, yarn produced by the mill and cloth produced by the textile mill, in order to avoid __________.

On the basis of given information calculate the value of National Income: