Match List-I with List-II, List–I, List–II, (A) Gross Domestic Product at Market Prices (GDPₘₚ), (I) All the economic output produced by a nation’s normal residents, whether they are located within the national boundary or abroad., (B) Net Domestic Product at Market Prices (NDPcₘₚ), (II) Sum of income earned by all factors in the production in the form of wages, profits, rent and interest, etc., belonging to a country during a year., (C) Gross National Product at Market Prices (GNPₘₚ), (III) All production done by the national residents or the non-residents in a country gets included, regardless of whether that production is owned by a local company or a foreign entity., (D) National Income (NI), (IV) Income earned by the factors in the form of wages, profits, rent, interest, etc., within the domestic territory of a country. Choose the correct answer from the options given below:

Question

Match List-I with List-II | List–I | List–II | | --------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | (A) Gross Domestic Product at Market Prices (GDPₘₚ) | (I) All the economic output produced by a nation’s normal residents, whether they are located within the national boundary or abroad. | | (B) Net Domestic Product at Market Prices (NDPcₘₚ) | (II) Sum of income earned by all factors in the production in the form of wages, profits, rent and interest, etc., belonging to a country during a year. | | (C) Gross National Product at Market Prices (GNPₘₚ) | (III) All production done by the national residents or the non-residents in a country gets included, regardless of whether that production is owned by a local company or a foreign entity. | | (D) National Income (NI) | (IV) Income earned by the factors in the form of wages, profits, rent, interest, etc., within the domestic territory of a country. Choose the correct answer from the options given below: |

Accepted Answer

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Answer

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

Answer

(A) - (I), (B) - (III), (C) - (II), (D) - (IV)

Answer

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

LIST I (National income terminology)	LIST II (Known as)
A. Income generated by own account workers	I. Nominal national income
B. National income at current prices	II. Corporate tax
C. Component of profit	III. Change in stock
D. Closing stock-opening stock	IV. Mixed income of self employed

List-I	List-II
(A) Gross Domestic Product at Market Price	(I) NDPMP - Net Product Taxes - Net Production Taxes
(B) Net Domestic Product at Factor Cost	(II) GVA at basic prices - Net Production Taxes
(C) GVA(Gross Value Added) at factor cost	(III) C+I+G+(X-M)
(D) Gross National Product at Factor Cost	(IV) GNPMP - Net Product Taxes - Net Production Taxes

List–I	List–II
(A) Gross Domestic Product at Market Prices (GDPₘₚ)	(I) All the economic output produced by a nation’s normal residents, whether they are located within the national boundary or abroad.
(B) Net Domestic Product at Market Prices (NDPcₘₚ)	(II) Sum of income earned by all factors in the production in the form of wages, profits, rent and interest, etc., belonging to a country during a year.
(C) Gross National Product at Market Prices (GNPₘₚ)	(III) All production done by the national residents or the non-residents in a country gets included, regardless of whether that production is owned by a local company or a foreign entity.
(D) National Income (NI)	(IV) Income earned by the factors in the form of wages, profits, rent, interest, etc., within the domestic territory of a country.

Solution

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