Question : Which of the following is the incorrect sequence of national income from broader to narrower concepts?
Option 1: GNP at market prices - NNP at factor cost - NNP at market prices - GNP at factor cost
Option 2: GNP at market prices - NNP at market prices - NNP at factor cost - Personal income
Option 3: NNP at factor cost - Personal income - Personal disposable income
Option 4: GNP at factor cost - NNP at factor cost - Personal income - Personal disposable income
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Correct Answer: GNP at market prices - NNP at factor cost - NNP at market prices - GNP at factor cost
Solution : The correct option is GNP at market prices - NNP at factor cost - NNP at market prices - GNP at factor cost .
The correct sequence is GNP at factor cost, NNP at factor cost, NNP at market prices, and GNP at market prices. The transition from factor cost to market prices involves adjusting for indirect taxes and subsidies, leading to the accurate representation of national income.
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