Match the items of the List - I with those of List - II and suggest the correct code from the following : Code : List - I List - II (a) GDP (i) National income (b) GDP at factor cost (ii) NDP plus Net flow of income from abroad (c) NNP at factor cost (iii) Money value of final goods and services produced (d) NNP (iv) Total gross value added by all enterprises in the economy
(a)-(iii), (b)-(iv), (c)-(i), (d)-(ii)
Option 2 — (a)-(iii), (b)-(iv), (c)-(i), (d)-(ii) is correct.
This item connects the standard national-income aggregates with their defining descriptions.
| Aggregate | Description |
|---|---|
| (a) GDP | (iii) Money value of all final goods and services produced within the domestic territory |
| (b) GDP at factor cost | (iv) Total gross value added by all enterprises in the economy (output valued by the incomes paid to factors) |
| (c) NNP at factor cost | (i) National income — the textbook definition of national income |
| (d) NNP | (ii) NDP plus net flow of factor income from abroad |
The logic to remember: GDP measures final output within the country; measuring it at factor cost focuses on the value added (incomes) generated by enterprises. Moving from “domestic” to “national” adds the net factor income from abroad, so NDP + net income from abroad = NNP. Finally, NNP measured at factor cost (after removing net indirect taxes) is the formal definition of national income.
Takeaway: GDP is domestic final output; add net income from abroad to reach the “national” measures, and NNP at factor cost is national income itself.
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