Class 12 Exam > Class 12 Videos > Numericals of Aggregates of National Income - CBSE Class 12 Economics
Numericals of Aggregates of National Income - CBSE Class 12 Economics Video Lecture
FAQs on Numericals of Aggregates of National Income - CBSE Class 12 Economics Video Lecture
| 1. What are aggregates of national income? |  |
Ans. Aggregates of national income are the total values of all goods and services produced within a country's borders during a specific period, usually one year. These aggregates include Gross Domestic Product (GDP), Gross National Product (GNP), Net National Product (NNP), and National Income (NI).
| 2. What is GDP? | |
Ans. GDP is the total value of all goods and services produced within a country's borders during a specific period, usually one year. It is calculated by adding the value of all final goods and services produced in the economy. GDP is used to measure the size and growth of an economy.
| 3. How is GNP calculated? | |
Ans. GNP is the total value of all goods and services produced by a country's residents, regardless of their location, during a specific period, usually one year. It is calculated by adding the value of all final goods and services produced by the country's residents, whether they are located within the country's borders or abroad.
| 4. What is NNP? | |
Ans. NNP is the total value of all goods and services produced by a country's residents, after deducting the cost of depreciation and other capital consumption. It is calculated by subtracting the value of depreciation from GNP. NNP provides a more accurate measure of the nation's income than GNP because it takes into account the wear and tear on capital assets.
| 5. What is National Income? | |
Ans. National Income is the total income earned by all factors of production within a country's borders, including wages, salaries, rent, interest, and profit. It is calculated by subtracting indirect taxes and subsidies from NNP. National Income provides a measure of the income available to individuals and households in an economy.
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