Question

Distinguish between Gross Domestic Product at Market Price and National Income.

Answer 1

Difference between Gross domestic product at market price and national product:
GDP(at MP) : Gross Domestic Product at market price. It refers to the market value of final goods and services produced within the domestic territory of a country during the period of an accounting year, inclusive of depreciation.
NNP(at FC) : Net National Product at Market price. It is the sum total of market value of final goods and services produced within the domestic territory of a country during the period of an accounting year, (exclusive of depreciation and net indirect tax ).