The value of national output produced by residents located within the country, before depreciation and including the influence of taxes and subsidies, is known as:

NNP at factor cost

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GDP at factor cost

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GDP at market price

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GNP at market price

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Solution

The correct option is C
GDP at market price

The value of national output produced by residents located within the country, before depreciation and including the influence of taxes and subsidies, is known as GDP at market price.

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There is no difference between GDP at market price and GDP at factor cost in a two sector economy including household sector and producer sector.

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Consider the following statements: -

1. National disposable income includes Net National Product at Market prices only.

2. GDP is a measure of National Income/ National output and National expenditure produced in a particular country.

3. GNP includes the value of all goods and services produced by nationals whether in the country a abroad.

4. GNP does not include dividends and interest from abroad in Income.

Which of the above statements is are correct?

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