Concept:National income includes only the market value of goods and services produced for the market.
Work done by full-time housewives is unpaid and not included in national income.
Explanation:Full-time housewives perform domestic services that are not sold in the market.
These services have no market price, so they are excluded from national income calculations.
Since the output of a large number of people is left out, the measured national income becomes lower than the true economic welfare.
Thus, the national income figures will be under-stated.
Answer:D. figures will be grossly under-stated.