What is the full meaning of NNPMP?
Answer and explanation
Correct answer: Net National Product at Market Price
NNPMP means Net National Product at Market Price. NNP expands to Net National Product, while MP means Market Price. The abbreviation for Net National Product at Factor Cost is NNPFC, not NNPMP. The word ‘national’ distinguishes it from a domestic product measure, and ‘net’ indicates that depreciation has already been deducted. Therefore, option A is correct.
Frequently asked questions
What is the correct answer to this question?
Net National Product at Market Price
Why is this the correct answer?
NNPMP means Net National Product at Market Price. NNP expands to Net National Product, while MP means Market Price. The abbreviation for Net National Product at Factor Cost is NNPFC, not NNPMP. The word ‘national’ distinguishes it from a domestic product measure, and ‘net’ indicates that depreciation has already been deducted. Therefore, option A is correct.
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 - Market price and factor cost.
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