National Income has a long history. Income has not always been clearly distinguished from wealth. Income is a flow that can only be measured over a period of time, such as a week, month, or year, whereas wealth refers to the value of a stock of assets that can be measured at a point of time. Attempts to estimate the Nation's Income go back over three centuries to the work of William Petty (1662). However, he was more concerned with measuring the wealth of the nation and taxable capacity than income. The same preoccupation with wealth rather than income is found a century later in Adam Smith's The Wealth of Nations (1950). The extent to which macroeconomic data can be influenced by ideas, concepts, and definitions is vividly illustrated by the distinction that Smith introduced between ‘productive’ and ‘unproductive’ labor. Smith argued that only workers who produced goods, as distinct from services, should be regarded as productive because only goods could add to the stock of the nation's productive capital equipment. This distinction was followed by many classical economists in the early nineteenth century, including Karl Marx in Das Kapital (1867). In the international version of that system developed after the second world war under the auspices of the United Nations it is stated that: ‘All fields of productive activity are based on material production, which is primary in comparison with the activities rendering services. 

Given below are some statements. Read them carefully and choose the correct statement (s) from the given options.

Statement 1: Microeconomic policies are pursued by the State itself or statutory bodies like the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and similar institutions.    

Statement 2: Macroeconomic decision-makers often have to go beyond economic objectives and try to direct the deployment of economic resources for for the welfare of the country and its people as a whole.

Only Statement 2 is correct.

The correct answer is Option 1: Only Statement 1 is correct.

Statement 1: "Microeconomic policies are pursued by the State itself or statutory bodies like the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and similar institutions." This statement is incorrect. Microeconomic policies typically involve regulations and interventions at a smaller scale, affecting individual markets or industries. Statutory bodies like the RBI and SEBI are more involved in macroeconomic policies, such as monetary policy and financial regulation, which have broader economic impacts.

Statement 2: "Macroeconomic decision-makers often have to go beyond economic objectives and try to direct the deployment of economic resources for the welfare of the country and its people as a whole." This statement is correct. Macroeconomic decision-makers, such as government officials and central banks, do consider broader economic and social welfare objectives beyond just economic metrics. Their policies aim to influence overall economic stability, growth, and the well-being of the population.