What is the full form of GDPFC?
Answer and explanation
Correct answer: Gross Domestic Product at Factor Cost
GDPFC stands for Gross Domestic Product at Factor Cost. GDP identifies a domestic product, G identifies the gross measure, and FC means factor cost—the payments received by factors of production. GDPMP, represented by option D, is valued at market price instead. GNPFC would refer to national, not domestic, production, while NDP is net after depreciation.
Frequently asked questions
What is the correct answer to this question?
Gross Domestic Product at Factor Cost
Why is this the correct answer?
GDPFC stands for Gross Domestic Product at Factor Cost. GDP identifies a domestic product, G identifies the gross measure, and FC means factor cost—the payments received by factors of production. GDPMP, represented by option D, is valued at market price instead. GNPFC would refer to national, not domestic, production, while NDP is net after depreciation.
Which subject and chapter does this question cover?
This is a Class 12 Economics question. Chapter: National Income and Related Aggregates. Topic: Aggregates related to national income - GDP.
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