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National Income - GDP GNP NDP NNP Explained Video Lecture - BPSC (Bihar)

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FAQs on National Income - GDP GNP NDP NNP Explained Video Lecture - BPSC (Bihar)

1. What is national income and why is it important?

Ans. National income refers to the total value of all goods and services produced within a country's borders in a specific time period. It is an important economic indicator as it provides insights into the overall economic health and standard of living in a country. National income data helps policymakers, economists, and businesses make informed decisions regarding economic policies, investments, and resource allocation.

2. What is GDP and how is it calculated?

Ans. GDP (Gross Domestic Product) is a measure of the total value of all goods and services produced within a country's borders during a specific time period, usually a year. It is calculated by summing up the value added at each stage of production, from the initial production of raw materials to the final sale of the finished goods or services. GDP can be calculated using the income approach, which sums up all the incomes earned in the economy, or the expenditure approach, which sums up all the spending on goods and services.

3. What is GNP and how does it differ from GDP?

Ans. GNP (Gross National Product) is a measure of the total value of all goods and services produced by the residents of a country, both domestically and abroad, during a specific time period. It includes the income earned by a country's citizens or entities from their investments or work in foreign countries. In contrast, GDP only considers the production that occurs within a country's borders, irrespective of the nationality of the producers. GNP provides a broader perspective on a country's economic performance by including the income generated by its citizens globally.

4. What is NDP and why is it used instead of GDP?

Ans. NDP (Net Domestic Product) is a measure of the value of all goods and services produced within a country's borders during a specific time period, minus the depreciation of capital goods. It provides a more accurate picture of the economic output by accounting for the wear and tear or obsolescence of capital assets used in the production process. NDP is used instead of GDP when analyzing the economic growth or performance of a country, as it reflects the net value of production after accounting for capital consumption.

5. What is NNP and how is it different from NDP?

Ans. NNP (Net National Product) is a measure of the value of all goods and services produced by the residents of a country, both domestically and abroad, during a specific time period, minus the depreciation of capital goods. Similar to NDP, NNP also considers the wear and tear of capital assets. However, NNP takes into account the income earned by a country's citizens from their investments or work abroad. It provides a more comprehensive measure of a country's economic output by considering both domestic production and the income generated globally by its citizens.

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	Dec 20, 2024 Last updated

National Income - GDP GNP NDP NNP Explained for BPSC (Bihar)2024 is part of BPSC (Bihar) preparation. The notes and questions for National Income - GDP GNP NDP NNP Explained have been prepared according to the BPSC (Bihar) exam syllabus. Information about National Income - GDP GNP NDP NNP Explained covers all important topics for BPSC (Bihar)2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for National Income - GDP GNP NDP NNP Explained.

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