A farmer keeps a part of crops grown on his farms for consumption by his family. Expenditure on such crops will be included in National Income.
True or False with Reasons:
A farmer keeps a part of crops grown on his farms for consumption by his family. Expenditure on such crops will be included in National Income.
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True,
Expenditure on such own account production, i.e., production for self-consumption will be included in the National Income since these are productive services.
Explanation:-
If market value of the production for self-consumption is ascertained. It will be included in the national income. The makret value of the crops produced by the farmer has its market value.
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