State with reasons whether you agree or disagree : There are many features of National Income.

Answer: Agree.

National income has several features:

• Macro concept: it relates to the economy as a whole.
• Flow concept: it is a flow of goods and services over a period of time, not a stock.
• Measured in money terms: goods and services are valued at market prices so that they can be added up.
• Net aggregate value: depreciation is deducted and double counting is avoided by counting only final goods and services.
• Includes net factor income from abroad: \(X - M\) and net income from abroad are added.
• Related to a financial year: in India from 1 April to 31 March.
• Excludes transfer payments such as pensions and gifts, since there is no corresponding production.

Hence the statement is correct.