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Question
Calculate “Gross National Product at Market Price” from the following data:
|
S.No. |
Particulars |
(Rs in crores) |
|
|
(i) |
Compensation of employees |
2,000 |
|
|
(ii) |
Interest |
500 |
|
|
(iii) |
Rent |
700 |
|
|
(iv) |
Profits |
800 |
|
|
(v) |
Employer’s contribution to social security schemes |
200 |
|
|
(vi) |
Dividends |
300 |
|
|
(vii) |
Consumption of fixed capital |
100 |
|
|
(viii) |
Net indirect taxes |
250 |
|
|
(ix) |
Net exports |
70 |
|
|
(x) |
Net factor income to abroad |
150 |
|
|
(xi) |
Mixed income of self-employed |
1,500 |
|
Solution
We know GNPMP = NDPFC + Depriciation + Net Indirect Taxes - Net factory income to abroad
Where, NDPFC = Compensation of employee + Interest + Rent + Profit + Mixed income of self-employed
or, NDPFC = 2000 + 500 + 700 + 800 + 1500 = 5500
Substituting thei value in the formula for GNPMP
GNPMP = 5500 + 100 + 250 - 150 = 5700
Thus, GNPMP is equal to Rs 5700 crore
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RELATED QUESTIONS
Find Gross National Product at Market Price and Private Income:
| Rs. in crore | ||
| 1 | Private final consumption expenditure | 800 |
| 2 | Net Current transaction to abroad | 20 |
| 3 | Net factor income to abroad | (-)10 |
| 4 | Government final consumption expenditure | 300 |
| 5 | Net indirect tax | 150 |
| 6 | Net domestic capital formation | 200 |
| 7 | Current transfer to government | 40 |
| 8 | Depreciation | 100 |
| 9 | Net imports | 30 |
| 10 | Income accruing to government | 90 |
| 11 | National debt interest | 50 |
Calculate 'National Income' and 'Gross National Disposable Income' from the following:
| (Rs in Arab) | ||
| 1 | Net imports | 60 |
| 2 | Net current transfers to abroad | (-)10 |
| 3 | Net domestic fixed capital formation | 300 |
| 4 | Government final consumption expenditure | 200 |
| 5 | Private final consumption expenditure | 700 |
| 6 | Consumption of fixed capital | 70 |
| 7 | Net change in stocks | 30 |
| 8 | Net factor income to abroad | 20 |
| 9 | Net indirect tax | 100 |
Which of the following is not included in the calculation of Gross National Product?
GNP(fc) = GNP(mp) - ______.
National Income is a ______
What is real national income?
Identify the correctly matched items in Column A to that of Column B:
| Column A | Column B |
| 1. Social Welfare | (a) Total of economic and non-economic welfare |
| 2. Comparison of GDP of different countries | (b) GDPs evaluated at current market prices |
| 3. Economic welfare | (c) Situation of unemployment |
| 4. GDP deflator | (d) Includes prices of imported goods |
Factor Cost is the ______
Which of the following does the Market Price include?
Identify the correctly matched pair of items in Column A to those in Column B:
| Column A | Column B | ||
| 1 | Markets in the Economy | (a) | Producers only |
| 2 | National Income | (b) | Macroeconomics |
| 3 | Total Cost | (c) | Both Micro and Macroeconomics |
| 4 | Net National Product | (d) | Microeconomics |
National Income is the sum of factor incomes accruing to:
Assertion (A): There is no restriction on the entry and exit of the firms in the perfectly competitive market.
Reason (R): The perfect competition market is characterised by the sellers being price takers and not price makers.
Calculate GNPmp using Income method and Expenditure method from the following data:
| Items | ₹ (in Crore) | |
| (i) | Private final consumption expenditure | 800 |
| (ii) | Net exports | 20 |
| (iii) | Rent | 40 |
| (iv) | Interest | 60 |
| (v) | Government final consumption expenditure | 200 |
| (vi) | Profit | 120 |
| (vii) | Net domestic capital formation | 100 |
| (viii) | Compensation of employees | 800 |
| (ix) | Net indirect taxes | 100 |
| (x) | Consumption of fixed capital | 20 |
| (xi) | Net factor income from abroad | (−) 30 |
