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Class 12EconomicsNational Income and Related AggregatesAggregates related to national income - NNPEasyLevel 27

Which price is used in NNPFC?

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Answer and explanation

Correct answer: Factor Cost

NNPFC means Net National Product at Factor Cost. It is valued according to the payments received by the factors of production—land, labour, capital and entrepreneurship—for their contribution to production. Market price includes net indirect taxes, whereas factor cost excludes their effect and focuses on factor earnings. Thus, the correct answer is Factor Cost, option B.

Tags

economicsnational incomeNNPFCfactor costmarket priceAggregates related to national income NNPNational Income and Related AggregatesClass 12 MCQ

Frequently asked questions

What is the correct answer to this question?

Factor Cost

Why is this the correct answer?

NNPFC means Net National Product at Factor Cost. It is valued according to the payments received by the factors of production—land, labour, capital and entrepreneurship—for their contribution to production. Market price includes net indirect taxes, whereas factor cost excludes their effect and focuses on factor earnings. Thus, the correct answer is Factor Cost, option B.

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 - NNP.

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10 more MCQs
  1. 1Why is gross domestic product called domestic in macroeconomics?
  2. 2What is obtained by subtracting depreciation from gross national product?
  3. 3What is obtained by deducting depreciation from gross national product?
  4. 4What is obtained from gross national product after deducting depreciation?
  5. 5Which option gives the correct relation between gross and net national product?
  6. 6If GNP is 700 and NNP is 630, what will depreciation be?
  7. 7If GNP is 1200, depreciation is 150, and net factor income from abroad is 50, what will NNP be?
  8. 8What adjustment is necessary when converting gross national product into net national product?
  9. 9National income is generally expressed as which aggregate?
  10. 10Which adjustments are generally needed to reach national income (NNP at factor cost) from GNP at market price?
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