Question : Which of the following is the correct sequence of national income from broader to narrower concepts?
Option 1: GNP at market prices - NNP at market prices - GNP at factor cost - NNP at factor cost
Option 2: Personal disposable income - Personal income - GNP at market prices - GNP at factor cost
Option 3: GNP at factor cost - GNP at market prices - NNP at market prices - Personal income
Option 4: GNP at factor cost - NNP at factor cost - Personal income - Personal disposable income
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Correct Answer: GNP at factor cost - NNP at factor cost - Personal income - Personal disposable income
Solution : The correct option is GNP at factor cost - NNP at factor cost - Personal income - Personal disposable income .
GNP is the total value of all goods and services by a country's residents within a specific time frame. NNP is derived from GNP by subtracting depreciation (also known as capital consumption allowance or capital depreciation). Personal income is the total income received by individuals before personal taxes are subtracted. It includes wages, dividends, rental income, and transfer payments. Personal disposable income is the income remaining for households to spend or save after personal taxes have been deducted from personal income.
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