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National income - GDP GNP NDP NNP Explained - Indian Economy Part 11 - Concepts of Macro Economics Video Lecture | Indian Economy for Government Exams (Hindi) - Bank Exams
FAQs on National income - GDP GNP NDP NNP Explained - Indian Economy Part 11 - Concepts of Macro Economics Video Lecture - Indian Economy for Government Exams (Hindi) - Bank Exams
| 1. What is the difference between GDP and GNP? |  |
Ans. GDP (Gross Domestic Product) measures the total value of goods and services produced within a country's borders, regardless of who owns the productive assets. On the other hand, GNP (Gross National Product) measures the total value of goods and services produced by the residents of a country, whether they are located within the country's borders or abroad.
| 2. What is NDP and how is it different from GDP? | |
Ans. NDP (Net Domestic Product) is obtained by subtracting depreciation from GDP. Depreciation represents the wear and tear of capital goods over time. So, NDP gives a more accurate measure of the net production within a country, as it adjusts for the value lost due to depreciation.
| 3. What is NNP and why is it important? | |
Ans. NNP (Net National Product) is obtained by further subtracting indirect taxes and adding subsidies to NDP. It provides a measure of the net income generated by a country's residents after accounting for indirect taxes and subsidies. NNP is important as it reflects the income available to the nationals of a country for consumption and saving.
| 4. How are GDP and GNP calculated? | |
Ans. GDP is calculated by summing up the value of all final goods and services produced within a country's borders in a given period. It can be calculated using the expenditure approach, income approach, or production approach. GNP, on the other hand, is calculated by adding the income earned by a country's residents abroad and subtracting the income earned by foreign residents within the country.
| 5. Why do economists use national income measures like GDP and GNP? | |
Ans. Economists use national income measures like GDP and GNP to assess the economic performance and well-being of a country. These measures provide a snapshot of the size and growth of an economy, its production capacity, income distribution, and standard of living. They help policymakers make informed decisions, analyze economic trends, and compare the economic performance of different countries.
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