Question : If we deduct depreciation from GNP the measure of aggregate income that we obtain is called _____.
Option 1: Gross domestic product
Option 2: National income
Option 3: Private income
Option 4: Net national product
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Correct Answer: Net national product
Solution : The correct answer is Net national product.
The amount of total income obtained after deducting depreciation from the gross national product is known as the net national product (NNP). It is calculated by deducting capital stock consumption, or depreciation value, from Gross National Product (GNP). The formula for calculating the net national product (NNP) is GNP - depreciation.
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Question : If we sum the gross value added of all the firms of the economy in a year, we get a measure of the value of the aggregate amount of goods and services produced by the economy in a year. Such an estimate is called ______.
Question : ______ is the market value of all final goods and services produced within a domestic territory of a country measured in a year.
Question : Which of the following formulas is correct for Gross Value Added(GVA)?
Question : In the product method for measurement of national income, we need to deduct the value of intermediate goods to ____.
Question : National income received by the households is called_____.
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