Question

Which of the following is called as the National Income?

A Gross National Product at Factor Cost Correct Answer Incorrect Answer
B Gross National Product at Market Price Correct Answer Incorrect Answer
C Net National Product at Factor Cost Correct Answer Incorrect Answer
D Net National Product at Market Price Correct Answer Incorrect Answer

Solution

National Income is Net National Product at factor cost. NNP at factor cost = National Income (NI ) = NNP at market prices - (Indirect taxes - Subsidies).

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