Chapter 10: National Income and related aggregates

Important Questions

1. Define national income?

2. What is the difference between national and domestic income?

3. Define the following:-

1. Gross Domestic Product at Factor Cost
2. Net Domestic Product at Market Price
3. Net domestic Product at Factor Cost
4. Gross National Product at Market Price

4. Write the difference between gross domestic product at market price and national income?

5. Mention the situations in which the following equations will hold true:

1. National income = Domestic income
2. GDPFC > GDPMP
3. NNPFC < NDPFC
4. GDPFC < GDPMP

Sample Questions

1. Discuss the concepts of:

1. NDP at MP
2. GNP at FC
3. GDP at MP

2. Define private income? Explain the types of private income

3. Write the steps to calculate private income?

4. Define the following:-

1. Personal Disposable Income
2. National Disposable Income
3. Gross National Disposable Income

5. Calculate GNP at FC.