CUET Economics - The basis of the difference in income and product method of National Income Accounting is best deciphered by which of the following? 1. Product method measures the aggregate value of final goods and services produced by all the firms. 2. Income method measures the sum total of consumption expenditure. 3. Product method refers to the final consumption expenditure on the goods and services produced by the firm. 4. Income method refers to the fixed cost of the goods and services produced by the firm. | PYQs + Solutions

CUET Economics 2025 28 May Shift 1

Macro

Medium

Product method measures the aggregate value of final goods and services produced by all the firms.

Income method measures the sum total of consumption expenditure.

Product method refers to the final consumption expenditure on the goods and services produced by the firm.

Income method refers to the fixed cost of the goods and services produced by the firm.

✅ Correct Option: 1

Related questions:

13 May Shift 2

Consumer Price Index (CPI) is measured by_______

28 May Shift 2

Match List-I with List-II

List-I	List-II
(A) Not pass through any more stages of production or transformations	(I) Capital goods
(B) Consumed when purchased by their ultimate consumers	(II) Intermediate goods
(C) Gradually undergo wear and tear	(III) Final goods
(D) Used by other producers as material inputs	(IV) Consumption goods

Choose the correct answer from the options given below:

29 May Shift 2

It may be incorrect to treat GDP as an index of the welfare of the country for the following reasons.

(A) Externalities.

(B) Distribution of GDP is not uniform.

(D) Non-monetary exchanges.

Choose the correct answer from the options given below:

CUET Economics 2025 28 May Shift 1 PYQs