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National Income Accounting — Economics STD 12 Humanities & Commerce — Question

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsNational Income Accounting3 Marks
Question
Distinguish between $\ce{GDP_{FC}}$ and $\ce{NNP_{MP}.}$
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Answer

  1. $GDP_{FC}$ is a Gross value whereas $\ce{NNP_{MP}}$ is a Net value, i.e. depreciation is included in $\ce{GDP_{FC}}$ and not included $\ce{NNP_{MP}}$
  2. $\text{GDP}$ is a domestic aggregate whereas $\ce{NNP_{MP}}$ is a national aggregate i.e. net factor income from abroad $\text{(NFIA)}$ is not included in $\ce{GDP_{FC}}$ whereas it is included in $\ce{NNP_{MP}}.$
  3. Lastly $\text{GDP}$ does not include the value of net indirect taxes whereas $\ce{NNP_{MP}}$ includes the value of $\text{NIT}.$

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