Question: Consider the following statements: (1) Gross capital formation consists of outlays on additions to the fixed assets of the economy plus gross changes in the level of inventories. (2) Net value added at factor cost is the sum total of all the factor payments. (3) The National Income is the total amount of income accruing to a country from economic and non-economic activities in year time. (4) In moving from national income to Personal income we must subtract the incomes earned but not received and add incomes received but not currently earned. Choose the correct answer from the options given below:
Options:
(A) (1) and (3) only
(B) (1) and (4) only
(C) (2) and (3) only
(D) (2) and (4) only
Answer: D