National Income Accounting — Economics STD 12 Commerce — Question
CBSE BoardEnglish MediumSTD 12 CommerceEconomicsNational Income Accounting3 Marks
Question
Distinguish between $GDP_{FC}$ and $NNP_{MP}$.
✓
Answer
$GDP_{FC}$ is a Gross value whereas $NNP_{MP}$ is a Net value, i.e. depreciation is included in $GDP_{FC}$ and not included $NNP_{MP}$.
GDP is a domestic aggregate whereas $NNP_{MP}$ is a national aggregate i.e. net factor income from abroad $(NFIA)$ is not included in $GDP_{FC}$ whereas it is included in $NNP_{MP}$.
Lastly GDP does not include the value of net indirect taxes whereas $NNP_{MP}$ includes the value of $NIT$.
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