Macro

National Income

Medium

Net National Product at factor cost (NNP_FC) is defined as :

Value of output received by the factors of production belonging to a country in a year

The sum of the income earned by all factors in the production in the form of wages, profit, rent and interest etc. belonging to a country during a year. It includes net factor income from Abroad

The value of all final goods and services produced by the normal residents of country

The Gross domestic product at market price less net product taxes

✅ Correct Option: 2

NNP at factor cost is the sum of incomes earned by factors of production (wages, rent, interest, profit) belonging to a country during a year, and includes Net Factor Income from Abroad (NFIA). Option 1 refers to domestic income, option 3 refers to NNP at market price, and option 4 is incorrect.

2025: 29 May Shift 1

From the following, which will be included in the National Income?

2023: 30 May Shift 1

Addition to the stock of capital of a firm is known as :

2023: 30 May Shift 1

To get GVA at basic prices, one among the following will be added to GVA_FC. Choose the correct option from below :

2022: 16 July Shift 2

Which of the following is a factor income?

2025: 2 June Shift 1

Arrange the following steps in the calculation of national income, by income method in correct sequence:

(A) Add Net Factor from Abroad to arrive at National Income.

(B) Estimate the factor income estimated by each sector.

(D) Calculate domestic factor income.

Choose the correct answer from the options given below:

2026: 11 May Shift 1

Calculate the value of $GDP_{MP}$ of a closed economy from the given table values.

Net National Product at factor cost (NNP_FC) is defined as :

Solution

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