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National Income - GDP / GNP / NDP / NNP Video Lecture | Crash Course for UPSC (English)
FAQs on National Income - GDP / GNP / NDP / NNP Video Lecture - Crash Course for UPSC (English)
| 1. What is the difference between GDP and GNP? |  |
Ans. GDP, or Gross Domestic Product, measures the total value of goods and services produced within a country's borders in a specific time period, regardless of whether the production is by domestic or foreign factors of production. On the other hand, GNP, or Gross National Product, measures the total value of goods and services produced by the residents of a country, both domestically and abroad, in a specific time period.
| 2. What is NDP and how is it calculated? | |
Ans. NDP, or Net Domestic Product, is a measure of the net value of goods and services produced within a country's borders after accounting for depreciation. It is calculated by subtracting the depreciation of capital goods from the GDP. NDP provides a more accurate picture of a country's economic output by considering the wear and tear on capital assets.
| 3. How is NNP different from GDP? | |
Ans. NNP, or Net National Product, is similar to NDP but takes into account net income from abroad. It measures the net value of goods and services produced by the residents of a country, both domestically and abroad, after accounting for depreciation. NNP subtracts net income earned by foreign residents in the country and adds net income earned by domestic residents abroad to NDP.
| 4. Why is GDP considered a key indicator of a country's economic performance? | |
Ans. GDP is considered a key indicator of a country's economic performance because it provides a measure of the total value of goods and services produced within its borders. It reflects the overall economic activity and growth of a nation. GDP is used to compare the economic performance of different countries, track changes in economic output over time, and make informed policy decisions.
| 5. How does the calculation of national income impact economic policy-making? | |
Ans. The calculation of national income, including GDP, GNP, NDP, and NNP, provides policymakers with crucial information about the overall economic performance of a country. It helps in identifying sectors that contribute significantly to economic growth, understanding income distribution patterns, and assessing the impact of policies on various economic indicators. This information plays a vital role in formulating effective economic policies and making informed decisions to promote economic development and welfare.
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Dec 21, 2024 Last updated |
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