a) From the following data calculate the value of Domestic Income:
b) Distinguish between ‘Value of Output’ and ‘Value Added’.
a) Domestic Income (NDP@fc) =(i)+(ii)+(iv)+(vii)+(viii)+(x)
b) Value of output is the estimated money value of all the goods and services, inclusive of change in stock and production for self-consumption. Whereas, Value added is the excess of value of output over the value of intermediate consumption.