Question : ________________ is the amount paid to factors of production for their contribution in the production process. 

Option 1: Factor cost

Option 2: Market price

Option 3: Net factor income from abroad

Option 4: Net factor income to abroad

Question : ________________ is the difference between factor income received from rest of the world and factor paid to rest of the world.

Option 1: Net factor income from abroad

Option 2: Factor income from abroad

Option 3: Factor income to abroad

Option 4: All of the above.

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 : Which of the following is correct regarding Private Income?

Option 1: Private Income = Factor income from net domestic product accruing to the private sector + National debt interest – Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world

Option 2: Private Income = Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income from abroad – Current transfers from government + Other net transfers from the rest of the world

Option 3: Private Income = Factor income from net domestic product accruing to the private sector + National debt interest + Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world

Option 4: Private Income = Factor income from net domestic product accruing to the private sector - National debt interest + Net factor income from abroad + Current transfers from government + Other net transfers from the rest of the world

Question : Which of these expressions is correct?

Option 1: If the factor income from abroad is greater than the factor income paid abroad, then the Gross National Product (GNP) would be greater than the Gross Domestic Product (GDP).

Option 2: If the factor income from abroad is greater than the factor income paid abroad, then the GNP would be lower than the GDP.

Option 3: If the factor income earned from abroad is less than the factor income paid abroad, then the GNP would be greater than the GDP.

Option 4: If the net factor income from abroad is negative, then the GNP would be greater than the GDP.