Site navigation

Which of the following economists gave the definition of National Income based on consumption?

Unlike Marshall and Pigou (who defined National Income on the basis of production/exchange), American economist Irving Fisher defined National Income on the basis of final…

Choose your answer

Which of the following economists gave the definition of National Income based on consumption?

Select one answer
Answer and explanation

Correct answer A

Unlike Marshall and Pigou (who defined National Income on the basis of production/exchange), American economist Irving Fisher defined National Income on the basis of final 'Consumption'—the net flow of services enjoyed by consumers from the stock of wealth during a year.

Practice for these exams

  • Rajasthan Lecturer And Coach Commerce

Related question papers

Related questions in this topic