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Economics · 2023 · 6 marks
National Income AccountingCircular Flow of Income and Methods of Calculating National Income6 marksRememberlong answer
CBSE 2023 · Region 4 · Set 3 · Q16
State the meaning of :(a)Problem of Double Counting(b)Operating Surplus(c)Compensation of Employees
State the meaning of :
(a)
Problem of Double Counting
(b)
Operating Surplus
(c)
Compensation of Employees
Marking-scheme solution
(a)
Problem of Double Counting – Counting of the value of a good or service more than once while estimating National Income.
(b)
Operating Surplus – Operating Surplus is the sum total of rent, royalties, interest and profits. It is also known as non-wage income.
(c)
Compensation of employees – Compensation of employees is the sum total of remuneration paid by employers, to their employees, in the form of cash/ kind/ social security contributions.
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CBSE Class 12 Economics past-paper question from the 2023board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.