Question:
Identify the correct equation from the following:
Identify the correct equation from the following:
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Remember that \(GNP_{MP}\) accounts for income from abroad, while \(GDP_{MP}\) is confined to domestic boundaries.
Updated On: Jan 29, 2025
- \(GDP_{MP} = NNP_{FC} + \text{Depreciation}\)
- \(NDP_{FC} = NNP_{FC} + \text{Net Indirect Taxes}\)
- \(GNP_{MP} = GDP_{MP} + \text{Net Factor Income from Abroad}\)
- \(NNP_{FC} = NDP_{MP} + \text{Depreciation}\)
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The Correct Option is C
Solution and Explanation
Gross National Product at Market Price (\(GNP_{MP}\)) is calculated by adding Net Factor Income from Abroad (NFIA) to Gross Domestic Product at Market Price (\(GDP_{MP}\)). This equation represents the total income earned by nationals of a country, including income from abroad.
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