Which of the following is not true for personal income?

CA Foundation · Business Economics · PYQS · January 2025
Which of the following is not true for personal income?
(A) A. It is income received by household sector.
(B) B. It includes Non-profit Institutions serving households.
(C) C. It is a measure of actual current income receipts of persons only from productive activities.
(D) D. It excludes retained earnings.

Suggested Answer and Working Notes:

Correct Answer: Option (B)

B. It includes Non-profit Institutions serving households.

Topics: Determination of National Income

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