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How Should the Following Be Treated in Estimating the National Income of a Country? You Must Give a Reason for Your Answer. Taking Care of Aged Parents - Economics

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Question

How should the following be treated in estimating the national income of a country? You must give a reason for your answer.

Taking care of aged parents

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Solution

Taking care of aged parents is not included in the estimation of national income because it does not involve any production of goods and services. Also, it is meant only for self-consumption

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2013-2014 (March) All India Set 1
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