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CUET Economics 2023 PYQs1 June Shift 1. Free, no login required.

Macro

past year questions, CUET Economics 2023 1 June Shift 1

National Income

past year questions, Macro, CUET Economics 2023 1 June Shift 1

Medium

Arrange the following steps of calculating National Income by value added method in the proper sequence.

(A) Calculate Gross value of output

(B) Calculate Gross value added

(C) Calculate value of output in Primary, Secondary and Tertiary sector

(D) Calculate National Income

Choose the correct answer from the options given below :

Solution

✅ Correct Option: 3

The value added method proceeds as follows: First, classify production into sectors -- Primary, Secondary, and Tertiary (C). Then calculate gross value of output for each sector (A). Next, subtract intermediate consumption to get gross value added (B). Finally, after adjustments for depreciation and NFIA, calculate National Income (D). Correct sequence: (C), (A), (B), (D).

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