Question : What is the basic difference in the aggregates at market price and factor cost?
Option 1: Depreciation
Option 2: Indirect taxes
Option 3: Net indirect taxes
Option 4: Direct taxes
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Correct Answer: Net indirect taxes
Solution : The correct answer is Net indirect taxes.
Prices in the market are established beyond the production boundary, incorporating net indirect taxes and depreciation. The factor cost, on the other hand, encompasses the cost of goods and services within the production boundary, excluding depreciation and net indirect taxes. Both market prices (MP) and factor cost (FC) account for the same indirect taxes and subsidies.
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Question : In the estimation of national income, which of the following items will be subtracted from Net national product (NNP) at market price?
Option 2: Net product taxes and net production taxes
Option 4: Depreciation and net product taxes
Question : GNP at MP less ___________ gives us GDP at MP.
Option 1: depreciation
Option 2: indirect taxes
Option 3: Net Factor Income from Abroad
Option 4: subsidies
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 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
Option 4: GNP at factor cost - NNP at factor cost - Personal income - Personal disposable income
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
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