Match the items of the List - I with those of List - II and suggest the correct code from the following…
Gross Domestic Product (GDP) at market prices is the money value of all final goods and services produced within domestic territory (a-iii); GDP at factor cost equals total…
Choose your answer
Match the items of the List - I with those of List - II and suggest the correct code from the following :
| List-I | List-II |
|---|---|
| (a) GDP | (i) National income |
| (b) GDP at factor cost | (ii) NDP plus Net flow of income from abroad |
| (c) NNP at factor cost | (iii) Money value of final goods and services produced |
| (d) NNP | (iv) Total gross value added by all enterprises in the economy |
Answer and explanation
Correct answer B
Gross Domestic Product (GDP) at market prices is the money value of all final goods and services produced within domestic territory (a-iii); GDP at factor cost equals total gross value added by all resident production units (b-iv); Net National Product (NNP) at factor cost represents National Income (c-i); and NNP equals Net Domestic Product (NDP) plus Net Factor Income from Abroad (d-ii).
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UGC NET Management