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.
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Correct Answer: 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).
Solution : The correct answer is 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).
When the amount paid to and received from overseas equals one, the factor will be zero. When factor income received from overseas exceeds factor income paid overseas, net factor income from abroad (NFIA) will be positive. On the other hand, if the foreign factor income is less than the foreign factor income paid, the result will be negative.
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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
Question : The income of Indians working abroad is a part of the:
Option 1: domestic income of India
Option 2: income earned from abroad
Option 3: net domestic product of India
Option 4: gross domestic product of India
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 : Gross Domestic Product less Depreciation is________.
Option 1: Gross Domestic Investment
Option 2: Net National Product
Option 3: Gross National Product
Option 4: Net Domestic Product
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
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