Question : In the estimation of national income, which of the following items will be subtracted from Net national product (NNP) at market price?
Option 1: Depreciation
Option 2: Net product taxes and net production taxes
Option 3: Net indirect taxes
Option 4: Depreciation and net product taxes
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Correct Answer: Net indirect taxes
Solution : The correct option is Net indirect taxes.
In the estimation of national income, net indirect taxes are subtracted from the net national product (NNP) at market prices to arrive at the gross national product (GNP) at factor cost. Net national product (NNP) at market price is the total value of goods and services produced within a country in a given period, minus depreciation (also known as capital consumption allowance).
Net indirect taxes refer to taxes that are levied on goods and services by the government but are not directly paid by the consumer to the government. These include taxes like excise duties, customs duties, sales tax, etc.
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Question : What is the basic difference in the aggregates at market price and factor cost?
Option 2: Indirect taxes
Option 4: Direct taxes
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
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
Question : National Income is also called as :
Option 1: GNP at Factor Cost
Option 2: GNP at Market Price
Option 3: NNP at Factor Cost
Option 4: NNP at Market Price
Question : Net domestic product is calculated as_______.
Option 1: Gross Domestic Product (GDP) - Depreciation
Option 2: Gross National Product (GNP) - Depreciation
Option 3: Gross Domestic Product (GDP) - Net income earned from abroad
Option 4: Gross National Product (GNP) - Net income earned from abroad
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