Given below are some statements. Read them carefully and choose the correct statement (s) from the given options.
Statement 1: Economics is often discussed in three parts: consumption, production and GDP.
Statement 2: The total income arising from what has been produced in the country is called as Gross National product.
Answer & explanation
Correct answer: option 4
The correct answer is Option 4: None of the given statement is correct.
Statement 1: Economics is often discussed in three parts: consumption, production and GDP. This is incorrect. Economics is often discussed in three parts: consumption, production and distribution.
Statement 2: The total income arising from what has been produced in the country is called as Gross National product. This is incorrect. The total income arising from what has been produced in the country is called as Gross Domestic product.