cueprepUPSC CSE Prelims Economic Indicators & National Income Flashcards
Master 14 economic indicators & national income concepts for the UPSC CSE Prelims.
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Question
Identify the relationship between Market Price and Factor Cost calculations in National Income:
The difference between GDP at Market Price and GDP at Factor Cost is . Specifically, GDP at Market Price = GDP at Factor Cost + .
Question
Consider the following statements regarding Gross National Product (GNP):
- GNP includes the income earned by foreign nationals residing within the domestic territory of a country.
- GNP is calculated as GDP plus Net Factor Income from Abroad (NFIA). Which of the statements given above is/are correct?
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