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Sales 1840. Purchase 600. Closing stock 210. Opening stock 350. Expenditure 100. Production for self consumption 240. Indirect taxes 140. Direct tax 120. NFIA 50. Subsidies 80. Depreciation 100 find national income?
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Sales 1840. Purchase 600. Closing stock 210. Opening stock 350. Expend...
National Income Calculation
- Gross Domestic Product (GDP) = Sales - Closing Stock + Production for Self Consumption
GDP = 1840 - 210 + 240 = 1870
- Gross National Product (GNP) = GDP + Net Factor Income from Abroad (NFIA)
GNP = 1870 + 50 = 1920
- National Income = GNP - Depreciation
National Income = 1920 - 100 = 1820
Explanation
- GDP Calculation
GDP is calculated by subtracting the Closing Stock from Sales and adding the Production for Self Consumption. In this case, GDP is calculated as 1840 - 210 + 240 = 1870.
- GNP Calculation
GNP is calculated by adding the Net Factor Income from Abroad (NFIA) to GDP. NFIA is the difference between the income earned by residents of a country from their investments abroad and the income earned by foreign investors in the country. In this case, GNP is calculated as 1870 + 50 = 1920.
- National Income Calculation
National Income is calculated by subtracting Depreciation from GNP. Depreciation is the decrease in the value of an asset over time due to wear and tear. In this case, National Income is calculated as 1920 - 100 = 1820.
By following these calculations, the National Income for the given scenario is found to be 1820.
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Sales 1840. Purchase 600. Closing stock 210. Opening stock 350. Expenditure 100. Production for self consumption 240. Indirect taxes 140. Direct tax 120. NFIA 50. Subsidies 80. Depreciation 100 find national income?
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Sales 1840. Purchase 600. Closing stock 210. Opening stock 350. Expenditure 100. Production for self consumption 240. Indirect taxes 140. Direct tax 120. NFIA 50. Subsidies 80. Depreciation 100 find national income? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Sales 1840. Purchase 600. Closing stock 210. Opening stock 350. Expenditure 100. Production for self consumption 240. Indirect taxes 140. Direct tax 120. NFIA 50. Subsidies 80. Depreciation 100 find national income? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sales 1840. Purchase 600. Closing stock 210. Opening stock 350. Expenditure 100. Production for self consumption 240. Indirect taxes 140. Direct tax 120. NFIA 50. Subsidies 80. Depreciation 100 find national income?.
Sales 1840. Purchase 600. Closing stock 210. Opening stock 350. Expenditure 100. Production for self consumption 240. Indirect taxes 140. Direct tax 120. NFIA 50. Subsidies 80. Depreciation 100 find national income? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Sales 1840. Purchase 600. Closing stock 210. Opening stock 350. Expenditure 100. Production for self consumption 240. Indirect taxes 140. Direct tax 120. NFIA 50. Subsidies 80. Depreciation 100 find national income? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sales 1840. Purchase 600. Closing stock 210. Opening stock 350. Expenditure 100. Production for self consumption 240. Indirect taxes 140. Direct tax 120. NFIA 50. Subsidies 80. Depreciation 100 find national income?.
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