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Net national product at factor cost is
- a)equal to national income.
- b)less than national income.
- c)more than national income.
- d)sometimes less than national income and sometimes more than it.
Correct answer is option 'A'. Can you explain this answer?
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Net national product at factor cost isa)equal to national income.b)les...
Net national product at factor cost is also called national income. If we deduct depreciation allowances from the gross national product at factor cost, we get net national product at factor cost.
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Net national product at factor cost isa)equal to national income.b)les...
Net National Product at Factor Cost vs. National Income
Net National Product at factor cost is equal to national income.
Explanation:
Net National Product at Factor Cost:
- Net National Product at factor cost is the total value of goods and services produced by a country's residents within a specific period, after deducting depreciation.
- It represents the net value added by the country's residents in the production process.
National Income:
- National income is the total income earned by a country's residents within a specific period, including wages, profits, rent, and interest.
- It includes both earned and unearned income received by residents.
Relationship between Net National Product at Factor Cost and National Income:
- Net National Product at factor cost is calculated by deducting depreciation from the Gross National Product.
- National income is derived from Net National Product at factor cost by adding net factor income from abroad (net foreign factor income).
- As a result, Net National Product at factor cost is equal to national income when depreciation and net foreign factor income are taken into account.
Therefore, Net National Product at factor cost is equal to national income in an economy.
Net National Product at factor cost is equal to national income.
Explanation:
Net National Product at Factor Cost:
- Net National Product at factor cost is the total value of goods and services produced by a country's residents within a specific period, after deducting depreciation.
- It represents the net value added by the country's residents in the production process.
National Income:
- National income is the total income earned by a country's residents within a specific period, including wages, profits, rent, and interest.
- It includes both earned and unearned income received by residents.
Relationship between Net National Product at Factor Cost and National Income:
- Net National Product at factor cost is calculated by deducting depreciation from the Gross National Product.
- National income is derived from Net National Product at factor cost by adding net factor income from abroad (net foreign factor income).
- As a result, Net National Product at factor cost is equal to national income when depreciation and net foreign factor income are taken into account.
Therefore, Net National Product at factor cost is equal to national income in an economy.
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Net national product at factor cost isa)equal to national income.b)less than national income.c)more than national income.d)sometimes less than national income and sometimes more than it.Correct answer is option 'A'. Can you explain this answer?
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